Ilia,
Two things to consider with your reorg proposal. This was actually considered in very similar form 4-5 years ago.
#1. What if none of the league reps want to do the job of the Treasurer? (Typically the most-skilled position and hardest to fill) Or one of the other jobs?
#2. Sure it's probably okay for the rest of the executive but there may be legal issues with not having a President (well, technically Chairperson) who is elected at the AGM by all Governors. You'll want to make sure the final proposal fits both existing law as well as the proposed new non-profit corporation law for Ontario to avoid needing to change it again later.
IMHO the only issue the current structure had in the past year was due to a) lack of a secretary and b) lack of someone willing to be President who has the time to do the job justice.
Christopher Mallon
FIDE Arbiter