By Owen Thomas, 4:20 PM on Thu Aug 14 2008, 2,947 views (Edit, to draft, Top, Slurp)

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AdBrite, the online-ad network best known for its quirky founder, FuckedCompany creator Philip "Pud" Kaplan, is hiring an in-house lawyer. This is odd only in that last we heard, the online ad network already had one. Current general counsel Rebecca Eisenberg is just one of several vice presidents leaving the company, according to a tipster. Engineering VP Mike Reaves left in February, a month after HR chief Melissa Vernon. We'd also heard that cofounder Gidon Wise is out the door.

Our source speculates that Paul Levine and Jim Benton may be next to go. The tipster suggests that AdBrite CEO Iggy Fanlo is replacing Benton with a yet-to-be-hired SVP of sales.

This strikes us more than the usual amount of startup churn; when there's money to be made, Valley executives make a habit of sticking around for the payday. There's talk of an AdBrite IPO, but the enthusiasm for online ad networks on Madison Avenue and Wall Street is cooling fast.

(Photo by Brian Solis/Bub.blicio.us)