08:30 AM EST, 11/27/2024 (MT Newswires) -- 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 ( KRON ) shares were rising more than 11% in recent premarket activity.