The $6 million “gift” that cost former Forbes editor Randall Lane his job was payment for helping the founder of a longtime Forbes partner sell his company, according to the man who made it.
RJ Shook said Monday that Lane assisted with his efforts to sell Shook Research, which produces Forbes’ rankings of financial professionals, to private-equity firm PPC Enterprises.
Shook and his wife sold a controlling stake in the company in July 2025. After the deal closed, Shook paid Lane approximately $6 million in recognition of the editor’s “services and guidance” and the success Shook achieved as a result, he said. However, neither man disclosed the payment to Forbes or PPC.
Lane was fired in July after Forbes discovered the money. He previously characterized it as a gift and acknowledged that failing to disclose it was a “serious error in judgment.”
Shook Research has worked with Forbes since 2016 to produce rankings, such as lists of top wealth advisers. The companies also collaborate on events and share revenue from plaques and reprints sold to professionals who appear on the lists.
Lane discussed that partnership during PPC’s due-diligence process, The Wall Street Journal reported Monday, citing people familiar with the matter.
“Randall Lane’s acceptance of an undisclosed payment was unacceptable and is inconsistent with our policies and principles of trust, transparency and disclosure,” a Forbes spokesperson told TheWrap. “Upon verifying the incident, we took action and immediately fired Mr. Lane.”
Forbes said it is exploring “all appropriate actions” to hold Lane accountable and continues to work with outside counsel on an independent review, including an examination of its wealth adviser lists.
“While that work continues, we have not found evidence that the integrity of the rankings or editorial integrity was ever compromised,” the spokesperson added.
Shook likewise insisted the payment was unrelated to the rankings and said Lane never participated in the company’s methodology, data analysis or ranking decisions.
“My actions were taken with the best intentions, but ultimately the payment was a mistake,” Shook said.
He and his wife, Liz, have reached a settlement with PPC and Shook Research and will relinquish their remaining roles and ownership in the business.
TheWrap has reached out to Lane for comment.