Fatal Error When Regenerating GIF files

Here is the message from my error logs:

[Sat Jul 14 10:54:25 2018] [warn] [client 98.95.5.147] mod_fcgid: stderr: PHP Fatal error: Maximum execution time of 60 seconds exceeded in /var/www/vhosts/harbert.net/funds.harbert.net/wp-includes/class-wp-image-editor.php on line 402, referer: https://funds.harbert.net/wp-admin/tools.php?page=regenerate-thumbnails

Only does this on GIF files though. Might be unrelated to regenerate thumbnails.