Kronos Undergoes Major Restructuring: CEO Norbert Bischofberger Exits Amid 83% Workforce Reduction
CEO Departure:
Norbert Bischofberger, President and CEO of Kronos, is stepping down from his role134.
Workforce Reduction:
Kronos is cutting 83% of its workforce by the end of the year, significantly downsizing its operations345.
Industry Context:
The layoffs at Kronos are part of a broader trend in the biotech and pharmaceutical industries, with several companies, including Novartis, Johnson & Johnson, and Merck, also announcing layoffs12.
Reasons for Layoffs:
The layoffs are part of a restructuring effort aimed at optimizing business operations and addressing financial challenges13.
Impact:
The cuts will leave Kronos with a significantly reduced workforce, affecting approximately 83% of its current staff345.
Sources:
1. https://www.biospace.com/biospace-layoff-tracker
2. https://www.massdevice.com/medtech-layoffs-companies-recently-reduced-workforce/
3. https://firstwordpharma.com
4. https://firstwordpharma.com/story/5917151
5. https://www.biopharmadive.com/news/kronos-idorsia-layoffs-ptc-als-alnylam-pdufa/734096/