{"id":791082,"date":"2024-11-27T07:33:27","date_gmt":"2024-11-27T12:33:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kronos-bio-announces-ceo-transition-and-reduction-in-force\/"},"modified":"2024-11-27T07:33:27","modified_gmt":"2024-11-27T12:33:27","slug":"kronos-bio-announces-ceo-transition-and-reduction-in-force","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kronos-bio-announces-ceo-transition-and-reduction-in-force\/","title":{"rendered":"Kronos Bio Announces CEO Transition and Reduction in Force"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>\u2013 Norbert Bischofberger, Ph.D., is stepping down from his role as President &amp; CEO \u2013<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>\u2013 Deborah Knobelman, Ph.D., COO &amp; CFO, is named President &amp; Interim CEO \u2013<\/em>\n      <\/p>\n<p>SAN MATEO, Calif. and CAMBRIDGE, Mass., Nov.  27, 2024  (GLOBE NEWSWIRE) &#8212; Kronos Bio, Inc. (Nasdaq: KRON), a company developing small molecule therapeutics to address cancers and other diseases driven by deregulated transcription, today announced that its Board of Directors has appointed Deborah Knobelman, Ph.D., as President and Interim Chief Executive Officer, effective December 3, 2024. Dr. Knobelman will be the principal executive, financial and accounting officer. She is succeeding Norbert Bischofberger, Ph.D., who will step down as President &amp; Chief Executive Officer, effective December 3, 2024. Dr. Bischofberger will remain on the Board of Directors and continue to be available to the Company as an advisor.<\/p>\n<p>The Company also announced a workforce reduction of approximately 83 percent by year end as part of its previously announced plan to implement cost reduction strategies while exploring options, including possible business combinations and\/or divestiture of its remaining internally developed preclinical assets, in an effort to maximize stockholder value.<\/p>\n<p>\u201cNorbert\u2019s steadfast leadership was instrumental in the founding and building of Kronos Bio. On behalf of the Board of Directors, I would like to sincerely thank Norbert for his many contributions and his dedication to the Company and its mission,\u201d said Arie Belldegrun, M.D., Board Chair of Kronos Bio. \u201cWe have the highest confidence in Deb\u2019s ability to lead Kronos Bio in her new role during this time of significant transition for the Company.\u201d<\/p>\n<p>\u201cIt was a difficult decision to implement a reduction in force as we evaluate strategic alternatives for the Company. We thank our departing employees for their efforts, commitment to patients and contributions to Kronos Bio,\u201d said Dr. Knobelman. \u201cI look forward to working closely with the Board of Directors as we pursue the optimal path forward for the Company.\u201d<\/p>\n<p>\n        <strong>About Kronos Bio<\/strong><br \/>\n        <br \/>Kronos Bio is a biopharmaceutical company developing small molecule therapeutics to address deregulated transcription, a hallmark of cancer and autoimmune diseases. Our proprietary discovery engine decodes complex transcription factor regulatory networks to identify druggable cofactors. We screen for and optimize small molecules that target these cofactors in a disease-specific context. Kronos Bio is based in San Mateo, Calif., and has a research facility in Cambridge, Mass. For more information, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Wi-Lfxvb4lwLPOVaytv8aP7UzkSv3vmJuj8mu250ovuy543xBJcmpz0BB1BOfRNpA7Ry1cVWHnAYxwpcOKrhOxETXJXrRbkAIlDe5YVbkQI=\" rel=\"nofollow\" target=\"_blank\"><u>https:\/\/www.kronosbio.com<\/u><\/a> or follow the Company on <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=YpRERLu8ushWNfM-sI_dwkMaR5cwh0faAvuZlKLs8_s7_wt4jgOF5lq966nIjmkNa5O-JYCkLo2KBWH9u9HtvjWMNw-ZI2NKMQ_namtG5Tw=\" rel=\"nofollow\" target=\"_blank\"><u>LinkedIn<\/u><\/a>.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong><br \/>\n        <br \/>Statements in this press release that are not statements of historical fact are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The press release, in some cases, uses terms such as \u201cexpect,\u201d \u201cplan,\u201d \u201cwill,\u201d or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding Kronos Bio\u2019s intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, Kronos Bio\u2019s plans to evaluate and explore strategic alternatives focused on maximizing stockholder value, including possible business combinations and\/or divestiture of Kronos Bio\u2019s remaining internally developed preclinical assets; the expected timing for the completion of the reduction in workforce; future employment or director relationships; the potential of Kronos Bio\u2019s product candidates, pipeline and its proprietary discovery engine; and other statements that are not historical fact. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation: risks related to Kronos Bio\u2019s business and its ongoing evaluation of strategic alternatives, including that the strategic alternative evaluation process may not result in any transaction or maximize stockholder value; changes in the macroeconomic environment or competitive landscape that impact Kronos Bio\u2019s business; and the \u201cat-will\u201d nature of employment and director relationships. These and other risks are described in greater detail in Kronos Bio\u2019s filings with the Securities and Exchange Commission (SEC), including under the heading \u201cRisk Factors\u201d in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 13, 2024. Any forward-looking statements that are made in this press release speak only as of the date of this press release and are based on management\u2019s assumptions and estimates as of such date. Except as required by law, Kronos Bio assumes no obligation to update the forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTI5MDY1MyM2NjEyNzk2IzIyMDMyOTM=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/Y2E2ZDY0YTctOGQ3Zi00NDI0LWEwZjktODM4MmE2NWJjYmE5LTEyMTQ4NDY=\/tiny\/Kronos-Bio-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Contact Information:\r\nInvestors:\r\nMargaux Bennett\r\nVice President, Corporate Development and Investor Relations, Kronos Bio, Inc.\r\nmbennett@kronosbio.com\r\n\r\nMedia:\r\nKelli Perkins\r\nkelli@redhousecomms.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u2013 Norbert Bischofberger, Ph.D., is stepping down from his role as President &amp; CEO \u2013 \u2013 Deborah Knobelman, Ph.D., COO &amp; CFO, is named President &amp; Interim CEO \u2013 SAN MATEO, Calif. and CAMBRIDGE, Mass., Nov. 27, 2024 (GLOBE NEWSWIRE) &#8212; Kronos Bio, Inc. (Nasdaq: KRON), a company developing small molecule therapeutics to address cancers and other diseases driven by deregulated transcription, today announced that its Board of Directors has appointed Deborah Knobelman, Ph.D., as President and Interim Chief Executive Officer, effective December 3, 2024. Dr. Knobelman will be the principal executive, financial and accounting officer. She is succeeding Norbert Bischofberger, Ph.D., who will step down as President &amp; Chief Executive Officer, effective December 3, 2024. Dr. Bischofberger will remain &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kronos-bio-announces-ceo-transition-and-reduction-in-force\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Kronos Bio Announces CEO Transition and Reduction in Force&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-791082","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kronos Bio Announces CEO Transition and Reduction in Force - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kronos-bio-announces-ceo-transition-and-reduction-in-force\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kronos Bio Announces CEO Transition and Reduction in Force - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"\u2013 Norbert Bischofberger, Ph.D., is stepping down from his role as President &amp; CEO \u2013 \u2013 Deborah Knobelman, Ph.D., COO &amp; CFO, is named President &amp; Interim CEO \u2013 SAN MATEO, Calif. and CAMBRIDGE, Mass., Nov. 27, 2024 (GLOBE NEWSWIRE) &#8212; Kronos Bio, Inc. (Nasdaq: KRON), a company developing small molecule therapeutics to address cancers and other diseases driven by deregulated transcription, today announced that its Board of Directors has appointed Deborah Knobelman, Ph.D., as President and Interim Chief Executive Officer, effective December 3, 2024. Dr. Knobelman will be the principal executive, financial and accounting officer. She is succeeding Norbert Bischofberger, Ph.D., who will step down as President &amp; Chief Executive Officer, effective December 3, 2024. 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(Nasdaq: KRON), a company developing small molecule therapeutics to address cancers and other diseases driven by deregulated transcription, today announced that its Board of Directors has appointed Deborah Knobelman, Ph.D., as President and Interim Chief Executive Officer, effective December 3, 2024. Dr. Knobelman will be the principal executive, financial and accounting officer. She is succeeding Norbert Bischofberger, Ph.D., who will step down as President &amp; Chief Executive Officer, effective December 3, 2024. 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