NYT: Forbes editor fired after receiving secret $6 million payment

Forbes’ top editor Randall Lane was dismissed last month after the company discovered that he had received about $6 million from the founder of a company that has partnered with the magazine, according to people familiar with the decision speaking to The New York Times.

Lane, 58, served as Forbes’ chief content officer for 15 years. The payment came from RJ Shook, founder of Shook Research, which has worked with Forbes since 2016 to produce rankings of wealth management professionals.

Two people familiar with the transaction said the payment was made after Shook sold a majority stake in his company to private equity firm PPC Enterprises last August. It remains unclear why Shook made the payment to Lane.

According to a person familiar with Lane’s thinking, the editor viewed the money as a personal gift in recognition of advice he had provided Shook over the years.

Forbes’ employee handbook requires staff to obtain approval for outside business activities and prohibits employees from personally benefiting, directly or indirectly, from the company’s business dealings. Such rules are intended to prevent conflicts of interest or the appearance of conflicts.

“I made a mistake, and I take responsibility for it,” Lane said in a statement to The New York Times. “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,” he added.

Lane oversaw several of Forbes’ major projects, including the “30 Under 30” and “Just 100” rankings, and the publication recorded record audience figures during his tenure.

Shook Research and Forbes have collaborated since 2016 on rankings of wealth management professionals. The companies share revenue from the sale of plaques, logos and profiles to people and firms featured on the rankings.

By Sabina Mammadli