Forbes has fired chief content officer Randall Lane after discovering he accepted an undisclosed $6 million payment from RJ Shook, founder of longtime business partner Shook Research.
The payment violated Forbes’ strict policy barring employees from personal or financial gain tied to the company’s business dealings.
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| Randall Lane |
Lane, who had maintained a personal friendship with Shook since 2013 and also served as an advisor to Shook’s firm, failed to disclose the multimillion-dollar sum.
The NY Times’ Benjamin Mullin first reported the arrangement. Lane has acknowledged the breach, calling it a serious error in judgment. “I should have disclosed the gift, and failing to was a serious error in judgment,” he said. “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.”