I'm rather leaning towards 'no', but mostly because it feels like a move to fix the wrong problem. The direction really needs to be about encouraging and strengthening participation, and it's hard to see how slimming the 'management' team like this would do that.
In fact I also think the roles are poorly thought, because as you slim down the management team in an organisation, it becomes increasingly crucial that the roles you have left are defined with clearly and specifically targeted responsibilities, so that everyone knows exactly who has what job, and who to go to with a question or issue.
Thus, what you really need more than nebulous and fairly meaningless titles (in a team of just 3, you certainly don't need to use 2 as 'president' and 'vice president') is something more like: Chairperson/CEO (overall and day-to-day coordination, setting agendas, and chairing meetings etc), Operations Manager (managing the infrastructure, web and discord services, overseeing mod and admin teams), and Business Manager (oversight of finances, staff and member recruitment, record keeping).
As I have previously, I'd add one other to the 'management' team; a non-voting member who can input into discussion and report back to the membership, but doesn't have a vote - an observer, basically. Personally, I think this role is increasingly important as the 'management' team shrinks, with concomitant risk of too much power condensing into the hands of one or two people who might misuse it without oversight or broader debate.
That isn't to imply that our current board members are in any way like that, but I suspect we all know of someone who took charge of a busy web service with all the best intentions, and then gradually closed off any means by which he/she could be subsequently challenged.
(Apologies, this is poorly expressed, but I'm having a difficult 'motor control' day, so typing is laborious - hopefully the above makes sense).