Forbes’ top editor is ousted after taking $6M ‘gift’ from magazine partner

Forbes’ top editor is ousted after taking M ‘gift’ from magazine partner

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The top editor of Forbes magazine has been fired after reportedly accepting a payment worth around $6 million from one of the publication’s partners.

Randall Lane was ousted as chief content officer in July, after the company discovered that he had taken the money, according toThe New York Times.

“I made a mistake, and I take responsibility for it,” Lane said in a statement to the newspaper. “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.”

A Forbes guidebook obtained by The Times bans staff from gaining personally from the firm’s dealings and requires its employees to seek permission before conducting outside business.

Randall Lane was fired as Forbes chief content officer after accepting $6 million from one of the magazine’s clients, a report says (Getty)

A spokesperson for Forbes told The Independent that the publication would not comment further on the matter “per company policy regarding the confidentiality of personnel information and other strong considerations.”

“We have a strong editorial leadership team in place, including Kerry Lauerman, Executive Editor, Forbes, who is overseeing editorial operations in the interim,” the spokesperson said.

“Forbes remains focused on delivering trusted journalism and world-class storytelling across our platforms.”

According to The Wrap, Forbes CEO Sherry Phillips sent a memo to the magazine’s staff on Wednesday addressing Lane’s firing.

In the memo, Phillips said that it was “natural” for staff to have questions but asked them to “understand that due to our policies regarding the confidentiality of personnel information, we cannot share additional details at this time.”

Lane said failing to declare the gift was a 'serious error in judgment' — Lane said failing to declare the gift was a ‘serious error in judgment’ (Getty)

According to The Times, Lane’s multi-million dollar payment was paid by RJ Shook, founder of Shook Research, a a company Forbes has worked with to publish wealth adviser rankings.

The Independent approached Shook Research for a response to the report. Neither the company nor Shook himself have commented on the story so far.

Forbes has long been considered one of the world’s top business magazines, with the likes of Warren Buffett and Bill Gates featuring as cover stars.

In an interview with Medium, Lane said that he joined Forbes after leaving college and rose through the ranks to become its Washington bureau chief by the time he was 27.

After leaving to launch a start-up, Lane returned to the publication in 2011 and later became its chief content officer.