The research firm founder who paid Forbes editor in chief Randall Lane $6 million, which resulted in his firing, said the money was for “services and guidance,” reports Benjamin Mullin of The New York Times.
Mullin reports, “Mr. Lane, the former chief content officer of Forbes, received the multimillion-dollar payment ‘in recognition of the services and guidance’ he provided to RJ Shook, the founder of Shook Research, including helping him sell the firm last year, Mr. Shook said in a statement to The New York Times.
“Mr. Lane helped forge a partnership between Forbes and Mr. Shook’s firm after the two men met in 2011, Mr. Shook added. Shook Research provides rankings of financial advisers to Forbes, which uses the data to compile some of its popular and lucrative lists.
“’My actions were taken with the best intentions, but ultimately the payment was a mistake,’ Mr. Shook said. ‘I deeply regret that this has raised questions about the integrity and independence of Shook’s rankings.'”
Read more here.
