Forbes fires top editor after $6 million payment raises concerns

One of the most well-respected news publications, Forbes magazine, has fired its longtime chief content officer, Randall Lane, after reportedly discovering that he received a secret $6 million payment from the founder of a research firm that has worked with the publication for years.

This revelation was first reported in an investigative piece by The New York Times on August 12, based on the journal's earlier reports on Lane's conduct.

The payment from R.J. Shook, founder of Shook Research, raised concerns over a potential conflict of interest because of the firm’s longstanding relationship with Forbes. Shook Research works with Forbes on its rankings of leading financial advisers.

Forbes reportedly discovered the payment earlier this year and dismissed Lane in July.

According to the NYT, Lane and Shook had known each other for years, according to the report, with their personal and professional relationship developing alongside Forbes’ partnership with Shook Research.

“I made a mistake, and I take responsibility for it,” Lane said in a statement to the outlet. “I should have disclosed the gift, and failing to was a serious error in judgment. I deeply regret that, and I lost the job and team I love because of it. None of this changes how I feel about Forbes and the amazing people there.”

Forbes CEO Sherry Phillips addressed Lane’s departure in a memo to staff this week, saying that “it’s natural that many of you will have questions about this situation … please understand that due to our policies regarding the confidentiality of personnel information, we cannot share additional details at this time.”

Lane was one of Forbes’ highest-ranking editorial executives. He became chief content officer in 2017 after previously serving as editor of Forbes magazine, overseeing editorial content across the company’s various platforms.

He first joined the American outlet in the 1990s before returning to the publication in 2011. During his second stint, Lane became closely associated with several of Forbes’ most prominent editorial franchises, including its annual 30 Under 30 lists.

Shook Research works with Forbes on rankings including America’s Top Wealth Advisors and Best-in-State Wealth Advisors. The rankings are based on both qualitative and quantitative criteria, including interviews with financial advisers and data such as revenue trends and assets under management.

Forbes’ published methodology states that neither Forbes nor Shook accepts payments from advisers in exchange for placement on its rankings. Shook has likewise described its ranking process as independent and objective.

The research firm evaluates thousands of candidates each year, taking into account factors including assets under management, revenue, client retention, compliance records, industry experience and business practices.

The undisclosed payment has therefore raised questions about the editorial and ethical safeguards surrounding one of Forbes’ most prominent ranking franchises, particularly given Lane’s senior position within the company and his longstanding relationship with Shook.

By Nazrin Sadigova