Chicago executive shoots ArrowStream CEO, kills self after demotion

A company executive who was demoted last week walked into the CEO's office on Thursday and shot him twice before turning the gun on himself.

Police say they found the 54-year-old CEO of ArrowStream with a gunshot wound to the stomach, with Supt. Garry McCarthy noting he is in "grave condition," NBC Chicago reports.

The gunman was pronounced dead at the scene of a self-inflicted gunshot wound to the head. "What we have here is a workplace violence issue," McCarthy explained. The 59-year-old executive was set to have a meeting with the CEO on Thursday morning after recent demotions in the company.

"During the one-on-one, he produced a firearm," the police superintendent told reporters. "There apparently was a struggle over the firearm, the CEO was struck twice ... and then the man took his own life."

According to The Chicago Tribune, McCarthy noted that the executive had been a longtime employee and though there is security at the office building, he was able to get the gun inside by hiding it in a backpack he always brought to work.

Those in offices on other floors were told to stay where they were during the situation, and reportedly have still not been allowed to leave.

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