A very reliable Patch-connected source, who wishes to remain anonymous, has passed on to FishbowlNY the main details of this morning’s company-wide conference call.

As we reported last night, Steve Kalin is out as CEO. The new man in charge, joined at the hip with AOL chief Tim Armstrong (pictured), is Bud Rosenthal. Armstrong sees Rosenthal as an individual who can be a game-changer during the company’s transition to, hopefully, long-term profitability.

Armstrong admitted that “leadership” has been missing for a long time at Patch and that if staffers are looking to blame anyone for the difficult current state of affairs, they should blame him. With one major caveat: those who believe Patch has become a joke should walk out the door, now.

Shockingly, given various Thursday reports, Armstrong announced no layoffs today. Instead, the “impacts” – part of an overall corporate and cost restructuring – will be finalized and shared in about a week.

Armstrong put the number of Patch sites affected at around 400. He told the troops that although he and Rosenthal are looking at all individual site partnership options (likely a main reason for the layoffs delay), the number of employees affected will still be in the hundreds. There is, he stated, simply no way around it.