Forbes' top editor, Randall Lane, was dismissed last month after reportedly accepting $6 million from the founder of a firm that does business with the magazine. The New York Times reported that Lane received the payment from RJ Shook, whose company Shook Research has worked with Forbes since 2016 to publish rankings of wealth advisers. The payment came after Shook sold a majority stake in his company to a private equity firm a year ago.
Internal Email Confirms Departure
An internal email dated 23 July, reviewed by the Associated Press, confirmed that Lane, who had been editor and chief content officer, no longer worked for the company. The email provided no other details of his departure. Lane had been with Forbes for nearly 16 years and served as its top editor since 2017.
A Forbes employee, speaking on condition of anonymity due to the sensitivity of the issue, told the AP that staff learned of the apparent reasons behind the firing by reading the Times story. A subsequent email sent out this week said the company could not comment further on the matter.
Lane Admits Mistake
The Times quoted a person familiar with Lane's thinking as saying he considered the payment a gift in return for advice he had provided Shook over the years. In a statement to the Times, Lane said: "I made a mistake, and I take responsibility for it. 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."
Neither Lane nor a spokesperson for Forbes responded to requests for comment from the AP.
Close Relationship and Editorial Standards
It remains unclear why Shook paid Lane. However, the two companies apparently had a close relationship. On its website, Shook Research lists 12 rankings of wealth advisers and management teams in partnership with Forbes. Forbes' statement of editorial values and standards explicitly prohibits staff and contributors from accepting "compensation, privileges or favors of any kind from people, companies or groups featured in their coverage."
The Times report comes at a time of low public trust in media. According to a Pew Research Center analysis in February, 57% of Americans said they have low confidence in journalists to act in the public's best interest. Forbes, founded in 1917, has long been an influential biweekly account of corporate America, featuring figures like Steve Jobs and Warren Buffett on its cover.
