Drama at Forbes: Editor-in-chief fired after receiving a $6 million gift
Randall Lane, who worked at the magazine for about 16 years, was removed from his position following the discovery of a massive payment he received from the founder of a company that partners with the magazine's rankings. Lane regrets: "I made a mistake, I should have reported it."
A shake-up in the American media world: the editor-in-chief and chief content officer of Forbes magazine, Randall Lane, was fired from his position last month after it was revealed that he received a payment of $6 million from the founder of a company that maintains business ties with the magazine, reports The New York Times.
According to the report, the payment was transferred to Lane by RJ Shook, founder of the company Shook Research, which has been collaborating with Forbes since 2016 to publish wealth advisor rankings. The money was transferred after Shook sold the majority control of his company to a private equity firm about three months ago.
Lane, who worked at Forbes for nearly 16 years and served as editor-in-chief since 2017, left the company at the end of July. In an internal email sent to employees on July 23, it was confirmed that he no longer works at the magazine, but no further details were provided. Magazine staff discovered the reason for the firing only following the article in The New York Times. In another email sent later that week, the company was told it could not elaborate on the matter.
A source familiar with the details stated that Lane treated the sum as a "gift" in return for advice he provided to Shook over the years. In a statement provided to The New York Times, Lane admitted:
"I made a mistake and I take responsibility for it. I should have reported the gift, and not reporting it was a serious error in judgment. I deeply regret it, and as a result, I lost the job and the team I love."
According to the Forbes code of ethics and values, employees and contributors are strictly prohibited from accepting compensation, benefits, or favors of any kind from individuals, companies, or entities covered by them.
This resounding revelation comes at a time when public trust in the media is at a low: according to an analysis by the Pew Research Center from February, about 57% of Americans report low confidence that journalists will act in the public interest.
Forbes magazine, founded in 1917, has become over the years one of the most influential economic magazines in the world, and its covers have featured leaders and key figures in the business world such as Steve Jobs and Warren Buffett.
