Rumor: Karl out at Chanel?

Diane Pernet is reporting a rumor from Paris that Karl Lagerfeld is out at Chanel, Alber Elbaz is in, and Olivier Theyskens is taking the helm at Lanvin. If this is true, I may have a breakdown.
"Observe Everything. Always think for yourself. Never let other people make important decisions for you." — from Bad News by Edward St. Aubyn