Kronos Bio (KRON) said Wednesday that its board has named Deborah Knobelman as president and interim chief executive officer, starting Dec. 3.

Knobelman will succeed Norbert Bischofberger, who will step down Dec. 3 but remain on the board of directors and serve as an advisor, Kronos said.

The company also said it will reduce its workforce by about 83% by the end of year as part of a cost reduction strategy while exploring possible business combinations or sale of preclinical assets.

Kronos Bio shares were rising more than 11% in recent premarket activity.