The CEO of UnitedHealthcare, Brian Thompson, was on Wednesday morning shot dead outside a midtown Manhattan hotel in New York City, local media reported.

According to media reports, the incident occurred just before a scheduled company investor conference.

The New York Police Department confirmed a 50-year-old man was shot in front of the Hilton on Sixth Avenue around 6:40 a.m. ET (1140 GMT) and was pronounced dead after being transported to a nearby hospital.

Police have not released the victim’s identity, but several publications reported it was Thompson, who has worked at the Minnesota-based company for 20 years.

Search by the Police was said to be ongoing to identify and apprehend the masked suspect, who fled “on foot wearing a cream-coloured jacket and a gray backpack.”

The attack appeared to be targeted, the New York Times reported, citing police. Investigators believe the gunman had been waiting in the area for some time before Thompson’s arrival ahead of an investors meeting, CNN reported.

The shooting happened not long before a scheduled UnitedHealth investor conference in Manhattan, which was cut short at about 9 a.m., roughly an hour after it kicked off as news of the shooting trickled out.

UnitedHealthcare is the largest U.S. health insurer, providing benefits to tens of millions of Americans, who pay more for healthcare than in any other country.

UnitedHealth Group Chief Executive Andrew Witty took the stage at the Hilton about one hour after the event started to announce the cancellation.

“We’re dealing with a very serious medical situation with one of our team members, and as a result, I’m afraid we’re going to have to bring to a close the event today,” he said.

Police tape blocked off the area on 54th Street outside the Hilton on Wednesday morning, where blue plastic gloves were strewn about and plastic cups appeared to mark the location of several bullet casings.

“The police were here in seconds. It’s New York. It’s not normal here at 7 in the morning but it’s pretty scary,” said Christian Diaz, who said he heard the gunfire from the nearby University Club Hotel where he works.