Slain was Danilo de la Paz, vice president and general manager of Armscor Philippines, which holds office and maintains a factory in Barangay Parang.
Senior Superintendent Felipe Rojas Jr., Marikina City police chief said they are looking into the possibility that a labor dispute could have motivated the ambush-slay.
De la Paz was behind the wheel of his gray Isuzu Trooper with license plate XMT 668 on his way to work when the suspects waylaid him at the corner of Fortune Avenue and Champaca street in Barangay Parang at about 9:35 a.m.
"This victim was negotiating a curve when the suspects appeared from nowhere and opened fire at close range," said Rojas, noting that the armed men appeared to be waiting for De la Paz in the area.
The gun firm executive sustained multiple gunshot wounds in the body and died on the spot.
Rojas said police recovered 22 spent shells from caliber .45 automatic pistols at the crime scene.
After emptying their guns on De la Paz, the suspects commandeered a white L-300 Mitsubishi van driven by Edgar Agresola and sped toward the city proper.
The vehicle was found abandoned along Ipil-Ipil street in nearby Barangay Marikina Heights. There were bloodstains inside the vehicle.
Rojas said there was a possibility that De la Paz was armed and may have been able to fire back at the suspects before he was finished off.