The founder of a research company that does business with Forbes has apologized for giving a cool $6 million to the publication’s former top editor, who was fired over the payment last month.
Forbes axed Chief Content Officer Randall Lane after it learned he took the cash from RJ Shook of Shook Research, with the journo claiming at the time that the payment was a “gift” from a friend, the New York Times reported earlier this month.
Now Shook is saying the payment was made “in recognition of the services and guidance” that Lane provided, including helping Shook sell the research company to a private-equity firm last year..
“My actions were taken with the best intentions, but ultimately the payment was a mistake,” Shook told the Times on Monday. “I deeply regret that this has raised questions about the integrity and independence of Shook’s rankings.”
Shook’s account appeared to differ from the explanation offered by Lane, who previously said: “I should have disclosed the gift, and failing to was a serious error in judgment.”
Shook Research shares rankings of financial advisers with Forbes, and the info is sometimes used for the outlet’s clickbait-esque “best of” lists.
A spokesperson for Forbes told The Post that the payment was “unacceptable and is consistent with our policies and principles of trust, transparency and disclosure.”
Lane was immediately fired and the company is “exploring all appropriate actions to hold Mr. Lane to full account,” the spokesperson added.
Forbes – which laid off dozens of contributors in December – is working with outside counsel to engage in an independent review of the scandal, and so far has not found evidence that the integrity of its rankings was compromised, according to the spokesperson.
Lane and Shook “maintained a close connection” after they met in 2011, Shook said. The pair hit it off on a 2013 “humanitarian trip” to Liberia that was organized by Forbes, according to the Times.
“He provided professional advice and guidance to me,” Shook said. “In 2016, Randall helped to facilitate the partnership between Forbes Media and Shook Research. Later, he provided assistance in connection with my efforts to sell the company.”
Shook said he paid Lane after he sold a controlling stake in his research firm to PPC Enterprises last year.
PPC Enterprises said it discovered and flagged the massive payment after the acquisition, when it started reviewing Shook Research emails.
In a statement earlier this month, Lane said: “I made a mistake, and I take responsibility for it.”
“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,” he added.
Shook Research told The Post that it would take steps to “further strengthen and demonstrate the independence of its rankings,” including commissioning an independent governance review, creating a new “independence charter” and striving for greater transparency.
The firm also said it is carrying out a re-brand, which it started in February.
“Shook Research remains focused on providing advisers, their clients and the wealth management profession with a trusted measure of excellence,” the eggheads said, adding that Lane was not involved in its rankings process.
Lane worked at Forbes for 15 years and oversaw some of its best-known lists, like its “30 Under 30” rankings. He also worked on the National Thoroughbred League, a competitive horseracing group, and “The Sound of America,” a rock musical about Benjamin Franklin that premiered in Philadelphia.
His stunning seven-figure payment has sent shockwaves through the industry, raising questions about the integrity of Forbes’ “best of” lists.
The financial advisers who made it on the “best of” rankings could purchase plaques and logos to promote their spot on the list, making it a lucrative partnership for Forbes and Shook Research.
Morgan Stanley Wealth Management told employees in a memo that it would suspend its participation in Shook’s industry rankings, spooked by the scandalous payment, according to the Times.
Lane could not immediately be reached.
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