Issue with pre installed plugin (image resize)

I works beautifully with the images I've uploaded so far... png jpeg etc

The ONLY issue though, is that the function is failing under the following circumstance

I tried to upload a single GIF file this morning (7mb) size and then create a thumb for it... I got a message in the logs... that the function timed out after 60000 ms so the thumbnail image 200x200 was NEVER created and placed in the thumbs folder...

What can I do to solve this? Thanks and KEEP making great content.

current version: 8 (node) memory: 1 gb