Key facts
- Forbes Chief Content Officer Randall Lane was fired for accepting a secret $6 million payment from Shook Research.
- Shook Research, which partnered with Forbes on wealth adviser rankings, made the payment.
- Lane admitted to the mistake and taking responsibility for not disclosing the payment.
- Forbes' editorial values prohibit staff from accepting compensation from entities featured in their coverage.
Forbes has fired its Chief Content Officer, Randall Lane, after discovering he accepted a secret $6 million payment from Shook Research, a company that had partnered with the magazine on rankings of wealth advisers. The New York Times reported that the payment was made after Shook sold a majority stake in its company to a private equity firm a year ago.
Lane, who had been editor and chief content officer, confirmed he no longer worked for Forbes. He stated to The Times that he considered the payment a gift for advice he had provided Shook over the years and admitted, "I made a mistake, and I take responsibility for it." He added, "I should have disclosed the gift and failing to was a serious error in judgment."
Forbes' statement of editorial values and standards prohibits staff from accepting compensation, privileges, or favors from people, companies, or groups featured in their coverage. It also requires the avoidance and/or disclosure of any real or perceived conflicts of interest. The report comes at a time when public trust in the media is reportedly low, with a Pew Research Center analysis in February indicating that 57% of Americans have low confidence in journalists.
Lane had worked for Forbes for nearly 16 years and served as its top editor since 2017. Shook Research has listed 12 rankings of wealth advisers and management teams in partnership with Forbes on its website.