Police have identified a 37-year-old CEO of a tech company as the victim of a brazen shooting that took place in a busy, affluent Toronto neighbourhood earlier this week.

Matthew Staikos, a former BlackBerry employee and CEO of the Toronto-based tech company Vleepo, was shot to death while he was walking near Yorkville Avenue and Bay Street at approximately 11:30 p.m. on Monday.

A witness told CTV Toronto that they heard “very loud” gunshots in the area that night.

“I’ve heard gunshots before, the pop, pop, pop of gunshots, but this was a bang, a very loud, loud bang,” the man said. “He [the victim] was lying on the ground on the corner there. When I walked over, there was blood flowing from his head. Obviously, he wasn’t alive.”

At least one bullet hit Staikos and another flew through the front glass door of a nearby store. He was pronounced dead at the scene. Police said a post-mortem examination of the body is scheduled for Wednesday.

Investigators have not released information concerning a possible motive.

According to surveillance video, Staikos was strolling with another man along Yorkville Avenue when they passed a silver or grey four-door Mercedes that was parked on the street.

The footage shows a man jump out of the front passenger door of the car and follow the two men who have walked out of view of the camera. Seconds later, the man is seen running back to the Mercedes and fleeing southbound on Bay Street.

Police are combing through surveillance video and trying to locate the gunman, who has been described as a black male with a medium build who is approximately 5’10” tall.

With a report from CTV Toronto’s Tamara Cherry