Forbes has fired its top editor, Randall Lane, after it was discovered that he had secretly taken $6 million from the founder of a company that does business with the publication.
The New York Times was the first to report the development. In a piece published August 12, it reported that Lane, 58, was fired from Forbes last month. He had served as the magazine’s chief content officer.
Why did Forbes fire Randall Lane?
Randall Lane received $6 million in payment from RJ Shook, whose company, Shook Research, has partnered with Forbes since 2016 to publish wealth adviser rankings.
The payment came after Shook sold a majority stake in the research firm to private equity firm PPC Enterprises last August, according to two people familiar with the transaction.
A source told The New York Times that Lane considered the payment to be a personal gift for years of advice he had given Shook.
Forbes, like most other media organisations, requires employees to get approval before taking part in any outside business activity. Its employee handbook also says staff members must not personally benefit, either directly or indirectly, from the company’s business dealings, according to a copy obtained by The New York Times.
What Randall Lane said on his termination
{{/usCountry}}Forbes, like most other media organisations, requires employees to get approval before taking part in any outside business activity. Its employee handbook also says staff members must not personally benefit, either directly or indirectly, from the company’s business dealings, according to a copy obtained by The New York Times.
What Randall Lane said on his termination
{{/usCountry}}Randall Lane referred to the $6 million as a “gift” in a statement to The Times.
“I made a mistake, and I take responsibility for it,” he said. “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,” Lane added.
A Forbes spokesperson confirmed that Lane no longer works for the company. They did not comment on the payment.
How the payment was discovered
In August 2025, RJ Shook sold a majority stake in Shook Research to PPC Enterprises, a private equity firm.
PPC Enterprises discovered details of the payment while reviewing emails at Shook Research after acquiring the company. The new management at Shook Research then brought the payment to Forbes’ attention.
When Forbes asked Randall Lane about the payment in July, he confirmed that he had received it. He was fired after that.