Transition Stories

Thomas Jensen didn't leave university research to make more money. He left because he wanted to make a real difference for cancer patients. After 20+ years in oncology and biotech, he's doing exactly that as CEO and co-founder of Allarity Therapeutics.
The company he built centers on a radical idea: every patient's cancer is unique, so every treatment should be unique too. Using a proprietary platform that analyzes messenger RNA in tumor cells, Allarity can predict which patients will respond to specific cancer drugs rather than just drug classes.
The results speak for themselves. In advanced ovarian cancer patients who often have only 3-4 months to live when they enroll in trials, Allarity's dual-mechanism therapy is showing 25 months overall survival. That's nearly a year better than the best approved drugs on the market, with minimal toxicity. Patients take three capsules a day and go about their lives.
Jensen's journey wasn't smooth. When he took over as CEO in December 2023, he inherited a cap table loaded with preferred shares on unfavorable terms. Within six months, he'd cleaned it up completely. By May 2024, every Series A and Series B preferred shareholder had left, and the company was raising capital on favorable terms.
Now listed on NASDAQ under ticker ALLR, Allarity is expanding beyond ovarian cancer into small-cell lung cancer through a fully funded VA trial. The goal is to combine their low-toxicity drug with traditional chemotherapy to achieve high response rates without stacking toxic side effects.
Jensen's advice for other CEOs facing seemingly impossible challenges? Surround yourself with people who disagree with you. Stay open to different approaches. And remember: it's never too late to right the ship.
"Surround yourself with people that you like, but that also disagree with you. Because for me, it has been good to go to people that have a totally different approach on life and things as myself." - Thomas Jensen
Key moments in the episode (times are approximate):
02:07 - Overview of Allarity Therapeutics and its mission 
02:30 - How the drug response prediction platform works
04:31 - Results in advanced ovarian cancer: 25 months overall survival 
05:24 - Expansion into small cell lung cancer through VA partnership
06:46 - Why Allarity's dual-mechanism drug shows minimal toxicity
08:06 - The importance of combining biomarkers with therapies 
09:15 - Working with the VA on clinical trials 
10:03 - Thomas's early career and decision to leave university research 
13:32 - Transition from research to industry and business development 
16:18 - Taking over as CEO and inheriting a challenging financial structure 
18:52 - The decision-making process for fixing the cap table 
22:27 - Importance of advisors and common sense in complex decisions 
23:09 - Why CEOs often delay hard decisions that need to be made
24:10 - Building relationships with preferred shareholders during the transition
25:03 - Timeline: cleaning up the cap table in less than six months 
26:07 - What drives Thomas today: deploying precision medicine at scale 
28:11 - Advice for CEOs facing significant challenges 
29:18 - The value of surrounding yourself with people who disagree with you 
30:05 - Final thoughts on persistence and mission-driven leadership
About Thomas Jensen:
Thomas Jensen is the CEO and co-founder of Allarity Therapeutics (NASDAQ: ALLR), a clinical-stage biopharmaceutical company pioneering personalized cancer treatments. Under his leadership, the company is advancing stenoparib, a dual PARP/WNT inhibitor, through Phase 2 trials in advanced ovarian cancer. Allarity specializes in advancing precision medicines supported by its proprietary Drug Response Predictor (DRP®) companion diagnostic platform. With over 20 years of global biotech and oncology experience, Thomas has held leadership roles across R&D and corporate strategy, and he is passionate about accelerating access to precision therapies for patients with limited treatment options.
About Allarity:
Allarity Therapeutics is redefining personalized cancer care. The company's lead asset, stenoparib, is a next-generation dual PARP/WNT pathway inhibitor currently in Phase 2 development for advanced ovarian cancer. By leveraging its proprietary Drug Response Predictor (DRP®) companion diagnostic, Allarity aims to match patients with the therapies most likely to benefit them. With a recent Fast Track designation from the FDA and promising data showing a median overall survival of over 25 months, stenoparib is demonstrating potential where many therapies fall short. Allarity is headquartered in Florida, with research operations in Denmark, and remains committed to unlocking the promise of precision oncology. Learn more at www.allarity.com.

Deborah Fell reflects on one of the most powerful leadership insights from her conversation with Jonathan Moody: the radical humility of a CEO who built his success by recognizing he didn't need to be the central force driving everything. When Jonathan became CEO of Moody Nolan in January 2020, just before the pandemic, he made a crucial decision to create an executive team structure rather than trying to fill his legendary father's singular leadership role.
In this brief yet impactful commentary, Deborah explores how Jonathan's approach challenges the traditional CEO archetype and why his vulnerability and team-first mindset have become the foundation for navigating unprecedented uncertainty. For leaders struggling with the pressure to be perfect or those building their executive teams, Jonathan's story offers a refreshing alternative to the lone-wolf leadership model.
The full episode is here.
ABOUT JONATHAN MOODY:
Driven by a passion to continue his father’s legacy, Jonathan D. Moody has entrenched himself in firm leadership, driving growth and innovation. Moody Nolan has grown to over 350 employees and 12 offices across the nation. The firm’s designs have now won over 300 design citations, including 47 from the American Institute of Architects (AIA) and 44 from the National Organization of Minority Architects (NOMA). Jonathan has helped continue and extend the firm’s position as the largest African American-owned architecture firm. Moody Nolan continues to garner national attention by promoting “diversity by design.”
CONNECT: LINKEDIN | WEBSITE | INSTAGRAM

Jonathan Moody, CEO of Moody Nolan—recognized by Fast Company as one of the world's most innovative architecture firms—reveals the decade-long succession journey that positioned him to lead just before the pandemic struck.
"More time is better," Jonathan reflects on the gradual handoff from his father—a process filled with strategic "sink or swim" moments and culminating in a smooth transition of power in January 2020. His insights on building an executive team, establishing trust through transparent communication, and maintaining the firm's "diverse by design" philosophy provide a blueprint for sustainable leadership transition.
For family businesses and organizations planning succession, Jonathan's humble approach offers practical wisdom on preserving company values while evolving the leadership model—proving that deliberate, patient transitions build the strongest foundations for navigating uncertainty.
ABOUT JONATHAN MOODY:
Driven by a passion to continue his father’s legacy, Jonathan D. Moody has entrenched himself in firm leadership, driving growth and innovation. Moody Nolan has grown to over 350 employees and 12 offices across the nation. The firm’s designs have now won over 300 design citations, including 47 from the American Institute of Architects (AIA) and 44 from the National Organization of Minority Architects (NOMA). Jonathan has helped continue and extend the firm’s position as the largest African American-owned architecture firm. Moody Nolan continues to garner national attention by promoting “diversity by design.”
CONNECT: LINKEDIN | WEBSITE | INSTAGRAM
 

Deborah Fell recounts a chance meeting with J. Nicole Martin-Lawton, CEO of Phoenix Language Services, during an Amtrak service disruption. What started as strangers standing together in a crowded café car turned into an enlightening conversation about leadership and resilience. Nicole had stepped into the CEO role following her father's sudden death, successfully leading an all-women team while honoring her father's vision for language access services. Through her story, she demonstrates how collective support and shared mission can transform challenges into opportunities.
About our guest:
J. Nicole Martin Lawton is President and CEO of Phoenix Language Services, a company her father founded in 1993 to help break down language and cultural barriers in healthcare and beyond. A University of Pennsylvania graduate and former healthcare law partner, Nicole stepped into leadership in May 2020, combining her legal expertise with a deep understanding of language access needs. Under her leadership, Phoenix has expanded its interpreter training programs internationally and continues to innovate in language access technology. The company, now women-led, reflects Nicole's commitment to carrying forward her father's legacy while charting new paths in cultural connection.J. Nicole Martin Lawton on LinkedIn

When J. Nicole Martin Lawton suddenly became CEO of Phoenix Language Services in May 2020, it was under extraordinary circumstances. Not only was the world grappling with a global pandemic, but she had just returned from maternity leave with her second child when her father, company founder Bill Martin, passed away. In that moment, Nicole stepped into leadership of the company he had built from the ground up since 1993 - a business born from his experience as an ad hoc Spanish interpreter for his own mother.
This episode explores Nicole's remarkable journey from anthropology student to healthcare attorney to CEO, and how she navigated the delicate balance of honoring her father's legacy while making the company her own. Through her story, we see what's possible when the next generation is suddenly thrust into leadership, guided by deep respect for those who came before and a clear vision for the future.
In a delightful twist of fate, this conversation between Nicole and Deborah began during a chaotic day of canceled trains and power outages along the Northeast corridor - proving that sometimes life's interruptions lead to the most meaningful connections.
About our guest:
J. Nicole Martin Lawton is President and CEO of Phoenix Language Services, a company her father founded in 1993 to help break down language and cultural barriers in healthcare and beyond. A University of Pennsylvania graduate and former healthcare law partner, Nicole stepped into leadership in May 2020, combining her legal expertise with a deep understanding of language access needs. Under her leadership, Phoenix has expanded its interpreter training programs internationally and continues to innovate in language access technology. The company, now women-led, reflects Nicole's commitment to carrying forward her father's legacy while charting new paths in cultural connection.J. Nicole Martin Lawton on LinkedIn
 

A lot of CEOs talk about humility, but it's rare to meet one who truly embodies it. Last week, I spoke with Ray Hatch, CEO of Quest Resources Holding Corporation, and what struck me most wasn't his impressive track record - it was his genuine humility in action. His philosophy that "I have limitations and I don't want my limitations to be the limitation of the company" speaks volumes about his leadership approach. Today, I'll share some key insights from our conversation about humble leadership, risk-taking, and the courage to keep learning even after decades of success.
About Deborah's Guest:
Ray Hatch, Chief Executive Officer, President, and Director at Quest Resource Holding CorporationRay is a senior executive with in-depth experience building profitable businesses and orchestrating transformational growth. He brings over 25 years of experience in the waste management and food services industries. He has managed businesses and/or business units with more than one billion dollars in revenue. Previously, Ray served as President of Merchants Market Group, an international food service distribution company. Ray also served in various executive roles with Oakleaf Waste Management, a provider of waste outsourcing that was acquired by Waste Management.
Links from this episode:
Ray Hatch on LinkedIn 
GRHC
Full episode with Ray Hatch

Trust versus faith — it's a distinction that Ray Hatch, Chief Executive Officer, President, and Director of Quest Resource Holding Corporation, explores with a refreshing candor in this conversation with Deborah Fell. Drawing from his unique journey from food distribution to waste management and lessons learned as a basketball coach's son, Ray shares how he transformed a struggling public company by cutting revenue in half while growing profits - a move that required more than just trust from his team and board; it demanded faith.
Ray and Deborah tackle the formidable challenge of building a team that can scale a company from $300 million to potentially billions. It’s not just about hiring smart people - it's about finding those who can see "the art of the possible" and aren't afraid to think beyond current limitations.
As Ray puts it, with a characteristic blend of humility and conviction, "I have limitations. I don't want those limitations to be my company's limitations." It's this kind of straight-shooting wisdom, wrapped in authentic leadership experience, that makes this episode a compelling exploration of what it takes to build and lead high-performing teams in today's complex business environment.
 
About Deborah's Guest:
Ray Hatch, Chief Executive Officer, President, and Director at Quest Resource Holding Corporation Ray is a senior executive with in-depth experience building profitable businesses and orchestrating transformational growth. He brings over 25 years of experience in the waste management and food services industries. He has managed businesses and/or business units with more than one billion dollars in revenue. Previously, Ray served as President of Merchants Market Group, an international food service distribution company. Ray also served in various executive roles with Oakleaf Waste Management, a provider of waste outsourcing that was acquired by Waste Management.
Links from this episode:
Ray Hatch on LinkedIn 
GRHC

Last week marked the conclusion of our three-part series featuring Clay Spitz, recently retired Chief Operating Officer and Managing Partner at Chief Outsiders. Over my nine years with the firm, I've had the privilege of watching Clay in action – he's always been a class act, the kind of leader who earns trust naturally. Clay's perspective is particularly valuable because he is willing to share triumphs and setbacks with equal candor. In our final conversation, he opened up about the art of building authentic business relationships, offering insights from years of walking the talk. Our series should end with Clay's thoughts on playing the long game in business development – a philosophy defining his remarkable career.
About Clay Spitz:
Clay Spitz started his career in a family service business, eventually sold into an industry rollup. He has considerable experience as a marketing, sales and operating executive in companies ranging from midsize privately held to Fortune 1,000 corporations. Spitz has been a senior executive at Terminix International, TeleCheck International and Olshan Foundation Solutions and has owned his own business. Clay joined Chief Outsiders in 2010 as one of the very early members of the firm, and rose to Managing Partner and then COO.  He is now forming Wise Path Advisory to help other executives achieve their highest potential through coaching, advisory and board service.
Links from this episode:
Clay Spitz on LinkedIn
Deborah Fell on LinkedIn
Chief Outsiders

At this conclusion of our three-part conversation, we join Clay Spitz and Deborah Fell as they reflect on Clay's remarkable journey with Chief Outsiders and his transition into the next chapter of his career. What begins as a discussion about business lessons learned evolves into a heartfelt exploration of wisdom gained, relationships built, and the lasting impact one leader can have on an organization's culture.
Clay is embarking on a new phase focused on helping others reach their peak performance rather than stepping into traditional retirement. His candid insights about business development, trust-building, and the importance of continuous learning reveal why he's been such a transformative force at Chief Outsiders. The conversation captures the excitement of new beginnings and the bittersweetness of change as Clay prepares to shift from his role while remaining connected to the company he helped shape.
This final segment offers a masterclass in authentic leadership, the power of genuine relationships, and the art of graceful transition. Through their natural rapport and thoughtful exchange, Clay and Deborah demonstrate the principles of trust and communication they discuss, making this farewell conversation instructive and deeply moving.
About Clay Spitz:
Clay Spitz started his career in a family service business which was eventually sold into an industry rollup. He has considerable experience as a marketing, sales and operating executive in companies ranging from midsize privately held to Fortune 1,000 corporations. Spitz has been a senior executive at Terminix International, TeleCheck International and Olshan Foundation Solutions and has owned his own business. Clay joined Chief Outsiders in 2010 as one of the very early members of the firm, and rose to Managing Partner and then COO.  He is now forming Wise Path Advisory to help other executives achieve their highest potential through coaching, advisory and board service.
Links from this episode:
Clay Spitz on LinkedIn
Deborah Fell on LinkedIn
Chief Outsiders

This episode delves into the critical career decisions that shaped these business leaders' paths.
Clay candidly shares his experience of leaving Telecheck after 9/11 and buying a business - a decision he calls his "biggest failure" and "most costly mistake." He opens up about the financial devastation and valuable lessons learned from this setback.
Deborah reflects on her bold move to leave Marriott International despite having "the best job, the best people, the best colleagues." She discusses the challenges and rewards of expanding her capabilities beyond corporate roles.
As our discussion unfolds, Clay and Deborah offer honest insights into navigating business disruptions, dealing with failure, and the unexpected turns that led them to their current success at Chief Outsiders.
About Clay Spitz:
Clay Spitz started his career in a family service business which was eventually sold into an industry rollup. He has considerable experience as a marketing, sales and operating executive in companies ranging from midsize privately held to Fortune 1,000 corporations. Spitz has been a senior executive at Terminix International, TeleCheck International and Olshan Foundation Solutions and has owned a business. Clay joined Chief Outsiders in 2010 as one of the very early members of the firm, and rose to Managing Partner and then COO.  He is now forming Wise Path Advisory to help other executives achieve their highest potential through coaching, advisory and board service.
Links from this episode:
Clay Spitz on LinkedIn
Deborah Fell on LinkedIn
Chief Outsiders