Forbes has fired its top editor, Randall Lane, after the company discovered he had received a $6 million payment from the co-founder of Shook Research, a firm that has long collaborated with the magazine. Lane, who served as editor and chief content officer, was dismissed last month.
The payment was reportedly made by RJ Shook, founder of the Florida-based research outfit, after Shook sold a majority stake in his company to a private equity firm approximately one year ago. Shook Research has partnered with Forbes since 2016 to produce rankings of wealth advisors, which have been featured in the magazine multiple times annually.
"I made a mistake, and I take responsibility for it," Lane told 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."
An anonymous source familiar with Lane's perspective suggested that he viewed the payment as a gift offered in recognition of advice he had provided to Shook over the years. The New York Times reported the news based on accounts from three individuals familiar with the decision.
Forbes employee policy, as outlined in the company handbook, requires all employees to seek permission before engaging in outside business dealings and prohibits personal financial benefit from the company's business ventures. A Forbes spokeswoman confirmed Lane's termination to The Times but declined to comment on the specifics of the $6 million payment.
Employees at the more than century-old publication were reportedly only made aware of the details surrounding Lane's exit upon reading The New York Times' report. Lane had previously authored a 2024 column for Forbes titled "How Forbes Delivers Journalism You Can Trust."
The collaborative rankings with Shook Partners involved Shook employees conducting interviews and analyses of financial advisors. Forbes then published these results. Financial advisors featured on these lists have the option to purchase commemorative items such as plaques and logos, with revenue from these sales being shared between Forbes and Shook.
