The founder who secretly gifted a top Forbes editor $6 million has finally revealed what he says the eye-popping payment was actually for.
RJ Shook, the founder of Shook Research, broke his silence Monday over the scandal that cost Forbes Chief Content Officer Randall Lane his job after the longtime editor accepted an undisclosed $6 million payment from him.
Shook said that the money was “in recognition of the services and guidance” Lane gave Shook during his bid to sell Shook Research in 2025.
After the sale was completed, Shook made the transfer, “as a gift,” he told the New York Times.
“My actions were taken with the best intentions, but ultimately the payment was a mistake,” Shook told the Times. “I deeply regret that this has raised questions about the integrity and independence of Shook’s rankings.”
Shook and Lane met in 2011 and forged a mutually beneficial partnership between the financial rankings firm and the storied business magazine, which relied on Shook’s research for some of its own lists.
Advisers and firms that performed well in Shook Research’s rankings could then pay thousands of dollars for logos and plaques touting their placement, with the research firm and Forbes splitting the proceeds.
But the arrangement came under scrutiny when news of the payment became public. Lane, who had been at Forbes for 15 years and was responsible for content including the annual “30 under 30″ list, was unceremoniously fired.
Shook maintains the payment was not linked to the rankings and, having sold his stake in the firm to PPC Enterprises, no longer has any influence over the list under an agreement with the new owners.
Neither Lane nor Shook immediately responded to a request for comment.
Journalists at the 108-year-old publication were reportedly furious to learn about the payment and have written to management en masse to demand accountability and a full investigation.
“The revelation of Randall’s ‘secret payment’ is a stain on our reputation,” one email read.
In a statement to the Daily Beast, Forbes said “Lane’s acceptance of the undisclosed payment by RJ Shook was unacceptable and is inconsistent with our policies and principles of trust, transparency, and disclosure.
“No individual—regardless of title, tenure, or contributions—is above those standards. Upon verifying the incident, we took action and immediately fired Mr. Lane. We are exploring all appropriate actions to hold Mr. Lane to full account.”
The company said they were working “with outside counsel to engage in an independent and careful review of the facts, including our wealth advisors lists, to ensure that they fully comply with our governance policies and journalistic standards.”
Forbes said the company had “not found evidence that the integrity of the rankings or editorial integrity was ever compromised.”
Shook Research said it didn’t discover the payment until after Shook left the company, but that it wasn’t relevant to its rankings system.
“Neither Mr. Lane nor anyone at Forbes has ever been involved in SHOOK’s research process or the creation of its rankings,” the company said in a statement.
“[Shook] and his wife no longer have any role or ownership in the company,” the statement reiterated.
It said that the company “remains committed to the principles that have guided its work from the beginning: independence, integrity, and rigorous research. Shook Research intends to continue demonstrating that commitment through its actions.”
