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Iconic Magazine’s Top Editor Fired for Taking Massive ‘Gift’
The Daily Beast • • business
Key Points:
- Forbes fired Randall Lane, its chief content officer, after discovering he accepted a roughly $6 million payment from RJ Shook, whose company had a decade-long business relationship with Forbes.
- The payment, made after Shook sold a majority stake in his company, was described by Lane as a "gift" for advice he had given over the years, though he admitted failing to disclose it was a serious error in judgment.
- Forbes' policies prohibit employees from personally benefiting from company business dealings without permission, and the payment violated these rules, leading to Lane's dismissal.
- The transaction was uncovered during a review by PPC Enterprises, which had acquired Shook Research, prompting Forbes to confront Lane who then disclosed the payment.
- Kerry Lauerman has been appointed interim executive editor following Lane's departure.
