Forbes fired its top editor after finding out he secretly raked in a cool $6 million from the founder of a company that does business with the publication, according to a report.
Chief Content Officer Randall Lane was booted after getting paid by one RJ Shook of Shook Research, which collaborates with Forbes to create rankings of wealth advisors, the New York Times reported Wednesday.
It’s not known why Shook, who sold his company to a private equity firm, paid Lane, according to the report, which cited anonymous sources familiar with Lane’s work and departure.
The axed exec was the portrait of contrition over the payment, which he described as a “gift” without going into detail.
“I made a mistake, and I take responsibility for it,” Lane told the Times.
“I should have disclosed the gift, and failing to was a serious error in judgment,” he added. “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.”
The roughly $6 million payment was a big no-no in Forbes land, which reportedly requires employees to ask for permission before doing outside business. It also bars them from personal gain from the mag’s business affairs, according to the Times, which cited an employee handbook.
A Forbes flack confirmed Lane’s departure to the Gray Lady but was mum on the payment. Shook Research declined to comment to the newspaper.
Founded 109 years ago by Scottish journo BC Forbes, his eponymous publication has enjoyed moments of helping define the American zeitgeist — though the mag ain’t what it used to be, observers say. It was known in the last century for its Horatio Alger-like treatment of business titans such as Warren Buffett, projecting an image of prosperity and aspiration for the masses.
Shortly before Christmas last year, Forbes gifted dozens of contributors a big lump of coal, abruptly cutting ties with them in a move the bosses billed as ensuring the publication is “financially sound.”
Recent years have seen Forbes publish clickbait-esque lists like “Best-In-State Top Next-Gen Wealth Advisors” and the “Top Wealth Management Teams — Private Wealth,” the Times noted. Many such items were reportedly co-productions of the mag and Shook Research.
Lane and the researcher got along famously on a 2013 “humanitarian trip” to Liberia organized by Forbes, the Times reported, citing a person who knew about the friendship. Lane reportedly went on to serve as an “unofficial sounding board” for Shook — and the journo didn’t disclose the $6 million payment because he considered it a gift from a chum, the person added.
Private equity company PPC Enterprises reportedly cottoned onto the payment when it reviewed Shook Research emails after buying it, and the eggheads’ new management flagged the purported “gift.”
Lane, 58, owned up to the payment and was axed in July, according to the Times.
Shook Research declined to comment to The Post. The Post has sought comment from Lane and Forbes.