Kronos Bio, Inc. (NASDAQ:KRON) shares are trading higher on Wednesday in the premarket session.

The firm announced significant leadership and operational changes. Deborah Knobelman has been appointed as the company's new President and Interim Chief Executive Officer, effective December 3, 2024.

Knobelman will take on the role of principal executive, financial, and accounting officer, succeeding Norbert Bischofberger, who will step down from his position as President and CEO.

Bischofberger will continue to serve on Kronos Bio's Board of Directors and remain available as an advisor.

Also Read: What’s Going On With Tesla’s Chinese Rival NIO Stock Today?

In addition to the leadership shift, Kronos Bio revealed plans for a major workforce reduction. Approximately 83% of its employees will be laid off by the end of the year.

This decision aligns with the company's ongoing efforts to implement cost reduction strategies as it explores potential business combinations or divestitures of its remaining preclinical assets. The goal is to maximize stockholder value while positioning the company for future opportunities.

Knobelman said, “It was a difficult decision to implement a reduction in force as we evaluate strategic alternatives for the Company.”

According to Benzinga Pro, KRON stock has lost over 31% in the past year.

Price Action: KRON shares are trading higher by 6.47% to $0.9210 premarket at last check Wednesday.

Read Next:

• ‘It’s The Most Wonderful Time Of The Year’ For The Stock Market, History Says

Image via Pixabay.

UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.

Get the latest stock analysis from Benzinga?

This article Kronos Bio Shakes Up Leadership - Cuts 83% Of Workforce Amid Strategic Overhaul originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.