The rumor mill has it that our venerable (read: old) competitors at Phoenix Media Group are dealing with some kind of shit show, and not even in the GGG personals/classifieds ads kind of way.

According to an internal memo, the CFO Richard Gallager is out, and that two others, Chris Candall, Assistant Corporate Controller, and Mike Notkin, Corporate Controller were also let go (according to our source, allegedly amid embezzlement suspicion). All these names appeared in the paper’s April 23rd masthead, but have already been pulled from the website. As many as 12 staffers in all may have been let go, including VP of Integrated Media Sales Mame Conroy, but this is unconfirmed, and her name is still on their website.

We’ll have more on this as it develops, so get your latex gloves on now, because it promises to be messy. Here’s the internal memo from Brad “chap my thighs” Mindich:

Hi Everyone.

For those of you who don’t know, we have made some significant changes in the leadership structure of our company. Today, we released Rick Gallagher, Mike Notkin and Chris Crandall. While I know this may be a bit of shock, this was the decision that was best for the company and will allow us to move forward faster.

I will assume several of Rick’s responsibilities and, in addition, Mike Fuller – whom many of you have met, (he is consultant we brought in a few weeks ago), will assume an Interim CFO/COO role while we recruit for a permanent CFO/COO.

Over the next few weeks there will be lots of details regarding strategy, growth and structure; I will share my thoughts and plans with you, obviously, and look for your feedback and insight. As you all know, you should feel free to find me at any time if you have questions.