Forbes fired longtime chief content officer Randall Lane after discovering he received a secret $6 million payment from the founder of a research firm that works with the publication, The New York Times reports.
Lane received the money from R.J. Shook, founder of Shook Research, which has worked with Forbes for years to develop its rankings of top financial advisors, according to the Wednesday report. Forbes discovered the payment earlier this year and fired Lane in July.
The payment raised concerns about a potential conflict of interest because of the longstanding relationship between Forbes and Shook. According to the Times, Lane and Shook had known each other for years, while their professional relationship grew alongside Forbes’ partnership with the firm.
“I made a mistake, and I take responsibility for it,” Lane said in a statement to the outlet. “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. None of this changes how I feel about Forbes and the amazing people there,”
Shook works with Forbes to produce lists including America’s Top Wealth Advisors and Best-in-State Wealth Advisors. The rankings use qualitative and quantitative criteria, including interviews with financial advisors and data such as revenue trends and assets under management.
Forbes’ published methodology says neither Forbes nor Shook accepts fees from advisors in exchange for placement on its rankings. Shook has described its ranking process as independent and objective.
The research firm evaluates thousands of candidates each year, considering factors including assets under management, revenue, client retention, compliance records, industry experience and business practices.
Lane had been one of Forbes’ highest-ranking editorial executives. He was named chief content officer in 2017 after serving as editor of Forbes magazine and oversaw editorial content across the company’s platforms.
He first joined Forbes in the 1990s before returning to the publication in 2011. During his second stint, Lane became closely associated with some of the company’s most prominent editorial franchises, including its annual 30 Under 30 lists.
The circumstances surrounding Lane’s departure had not previously been publicly disclosed. The Times reported that Forbes learned about the payment earlier this year before firing Lane in July.
