Forbes has fired its top editor, Randall Lane, after it was discovered that he had secretly taken $6 million from the founder of a company that does business with the publication.
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Forbes, like most other media organisations, requires employees to get approval before taking part in any outside business activity. “I should have disclosed the gift, and failing to was a serious error in judgment. None of this changes how I feel about Forbes and the amazing people there,” Lane added.
Because of it, i deeply regret that, and I lost the job and team I love.
The payment came after Shook sold a majority stake in the research firm to private equity firm PPC Enterprises last August, according to two people familiar with the transaction. A source told The New York Times that Lane considered the payment to be a personal gift for years of advice he had given Shook. Its employee handbook also says staff members must not personally benefit, either directly or indirectly, from the company’s business dealings, according to a copy obtained by The New York Times. Randall Lane referred to the $6 million as a “gift” in a statement to The Times. “I made a mistake, and I take responsibility for it,” he said.
