08/01/2014 02:49 pm ET Updated Aug 01, 2014

Chicago Office Shooter Was Reportedly 'Despondent' Over Demotion

Police say Tony DeFrances was "despondent" over being demoted when the 60-year-old allegedly walked into his office in downtown Chicago Thursday morning and shot his boss -- a married father of three who was also DeFrances' longtime friend -- before fatally shooting himself.

Family friends say victim Steven LaVoie, the 54-year-old CEO of foodservice supply chain technology company ArrowStream, was "stable" after surgery but remained in critical condition as of Thursday night, the Tribune reports. He was shot in the head and stomach.

DeFrances had reportedly requested a one-on-one meeting with LaVoie Thursday morning, less than a week after DeFrances had been demoted as part of a company-wide downsizing. Just before 10 a.m., ArrowStream employees told the Sun-Times they heard several shots from LaVoie's office; the two men reportedly struggled before DeFrances turned the gun on himself.

Various reports listed DeFrances as the company's chief technology officer who according to the its website had been with the company "virtually since its inception." (As of Friday afternoon, his name and bio had been removed from the company's website. )

According to the Sun-Times, a statement issued Thursday by the LaVoie family read in part:

“A horrific personal tragedy has happened today to two families... Our thoughts are also with Steven’s extended family, the employees of ArrowStream, who mean so much to Steven. Finally, our prayers are with the other family affected by this tragedy.”

The Bank of America building where the shooting occurred was not evacuated during the incident. Chicago Police Chief Garry McCarthy told NBC Chicago the incident was "a workplace violence issue," adding, "I can’t see how this could have been a security issue.”

DeFrances was not legally licensed to carry the gun used in the shooting. Police say the married father of three didn't have a state Firearm Owners Identification Card and did not say to whom the gun was registered, if registered at all.