Forbes editor out; report says he took $6M from founder of firm that does business with magazine
Summary
Randall Lane, the top editor at Forbes, left his job after it was reported he accepted $6 million from RJ Shook, whose company works with Forbes. Lane said he made a mistake by not disclosing the payment and regretted losing his position due to this.Key Facts
- Randall Lane was the editor and chief content officer at Forbes for almost 16 years.
- Lane reportedly took $6 million from RJ Shook, founder of a firm that publishes rankings with Forbes.
- The payment came after Shook sold most of his company to a private equity firm.
- Lane said he saw the payment as a gift for advice he gave but admitted he should have disclosed it.
- Forbes' rules forbid staff from accepting money or favors from people or companies they cover.
- Failure to follow these rules is considered a serious offense at Forbes.
- Public trust in the media is currently low, with many Americans doubting journalists’ integrity.
- Forbes has a long history as a well-known business magazine since 1917.
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