The head of US insurer UnitedHealthcare was shot dead in New York City.

CEO Brian Thompson was fatally shot in the chest just before 7 a.m. EST (noon GMT) on Wednesday outside the Hilton Hotel in midtown Manhattan, where he was scheduled to speak at an investor conference later in the day.

The 50-year-old was taken to the hospital where he was pronounced dead, officials said.

A suspect fled the scene and remains at large, the New York Police Department said.

Thompson appeared to be the target of the attack because the suspect was waiting for him outside wearing a ski mask and a cream-colored jacket, police said.

Investigators said they had video footage of the shooting but did not know what the suspect’s motive was. Nothing was taken from the victim, they added.

New York Gov. Kathy Hochul said police had informed her of the “horrific and targeted” shooting.

“I have directed the State Police to provide the NYPD with any necessary assistance in the investigation to ensure the safety of all New Yorkers,” she said in a statement.

“Our thoughts are with Mr. Thompson’s family and loved ones and we are committed to ensuring that the perpetrator is brought to justice.”

Thompson was named CEO of UnitedHealthcare in April 2021. Last year he earned $10.2 million (£8 million) in the role.

He started with the health insurer in 2004 and has held several leadership positions, including CEO of the company’s government programs division.

UnitedHealthcare is the largest private insurer in the United States.

According to US media, the parent company UnitedHealth Group canceled its investor conference at short notice after the shooting.

“We are dealing with a very serious medical situation,” UnitedHealth Group CEO Andrew Witty said at the event.

The BBC has contacted UnitedHealthcare for comment.

In a statement, a Hilton Hotel spokesman said the company was “deeply saddened by the events this morning in the region and our thoughts are with everyone affected by the tragedy.”