An election is coming
The moderation team had already (prior to this Meta at least) discussed this with the CM team and determined that the team would like an election.
I believe an official announcement to that effect should be coming soon, with additional details.
Whoops, my answer is OBE
It looks like the diamond mod team has already engaged with the CM before this meta was posed, so this answer has been Overcome By Events now that @Rubiksmoose has responded, which means that my trust in their good sense and judgment was warranted. I love it when I'm right. 😁 But I'll leave my answer up because the system is working ...