Kronos Bio to Cut 83% Of Workforce, Names Interim CEO

Dow Jones

Nov 27, 2024

By Ben Glickman

Kronos Bio said it would cut about 83% of its workforce by the end of the year and named a new interim chief executive, as the company continues to explore strategic options.

The San Mateo, Calif., biotechnology company said Wednesday that Deborah Knobelman had been appointed president and interim CEO, effective Dec. 3.

CEO Norbert Bischofberger, who has been with the company since 2018, will step down while remaining on the board of directors.

Kronos said the workforce reduction was part of its previously announced plan to cut costs and is expected to be completed by the end of the year. The company is exploring options, including a possible business combination or divestiture of its assets.

The cuts follow a 21% workforce reduction which was announced in March. Kronos expects to incur a charge of about $3.7 million related to the reduction.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 27, 2024 07:47 ET (12:47 GMT)

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