Forbes fires chief content officer Randall Lane over undisclosed $6 million payment from research partner

Forbes dismissed its chief content officer, Randall Lane, in July after the company learned he had accepted a payment of approximately $6 million from RJ Shook, the founder of Shook Research, a firm that collaborates with Forbes to produce wealth adviser rankings, according to reporting by The New York Times, cited by both The Independent and the New York Post.

Lane issued a statement to The New York Times acknowledging the matter: '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.' The New York Post also quoted Lane adding: 'None of this changes how I feel about Forbes and the amazing people there.'

Lane described the payment as a 'gift' from a personal friend, according to the New York Post, which cited a person familiar with the relationship. That person told The Times that Lane and Shook became acquainted during a 2013 humanitarian trip to Liberia organised by Forbes, and that Lane subsequently served as an unofficial sounding board for Shook. Lane reportedly did not disclose the payment on the grounds that he regarded it as a gift from a friend.

According to the New York Post, private equity firm PPC Enterprises discovered the payment after acquiring Shook Research and reviewing the company's emails, after which its new management flagged the transaction. The New York Post also notes that Shook had sold his company to a private equity firm prior to the discovery.

A Forbes employee handbook obtained by The Times, as cited by both sources, bars staff from personally benefiting from the publication's business dealings and requires employees to seek permission before conducting outside business activity.

Forbes CEO Sherry Phillips sent an internal memo to staff on the matter, according to The Independent, which cited The Wrap. Phillips described it as natural for staff to have questions but said the company could not share additional details due to its policies on the confidentiality of personnel information.

A Forbes spokesperson told The Independent the publication would not comment further on the matter, citing company policy on personnel confidentiality, but noted that Kerry Lauerman, executive editor of Forbes, is overseeing editorial operations on an interim basis.

According to the New York Post, Forbes was founded 109 years ago by BC Forbes and has historically been associated with coverage of prominent business figures such as Warren Buffett. The Post also noted that in recent years the publication has produced list-based content, many of which were reportedly co-productions with Shook Research, and that shortly before Christmas last year Forbes cut ties with dozens of contributors in a move management described as ensuring the publication remains financially sound.

According to The Independent, Lane joined Forbes after leaving college, rose to become Washington bureau chief by the age of 27, left to launch a start-up, and returned to the publication in 2011 before eventually becoming its chief content officer.

Where sources differ

• The New York Post reports Lane's age as 58; The Independent does not mention his age.
• The Independent states that neither Shook Research nor Shook personally had commented on the story at the time of its publication; the New York Post states that Shook Research declined to comment specifically to The Post.

• The reason RJ Shook made the approximately $6 million payment to Lane has not been established by any source.
• No source confirms whether any editorial content produced in collaboration with Shook Research was influenced by Lane's relationship with Shook or the payment.
• The precise date in July when Lane was dismissed has not been specified in any source.
• It is not established whether Forbes, Lane, or Shook Research faces any legal or regulatory consequences in connection with the payment.
• The sources do not clarify whether Lane disclosed the payment to anyone at Forbes at any point before the discovery by PPC Enterprises.
• PPC Enterprises has not been quoted or given an opportunity to respond in any of the supplied sources.
• The New York Times original report is cited by both sources but not supplied directly; some details attributed to it may be paraphrased or selectively reproduced.

1. The Independent — original — by Owen Scott
2. New York Post — by Shant Shahrigian

Read the original at The Independent

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