Am I Reading This Right?

Did the Board basically fire all of the Presidents of the City Colleges today?

Chicago – To realize its goal of increasing student success and institution-wide accountability, the Board of Trustees of the City Colleges of Chicago (CCC) voted today to redefine the role of college president at its seven colleges and called for current presidents and new candidates to apply for the revamped position. This is the next step in the ongoing effort to reinvent CCC and hold all faculty and management accountable for the success of the new Reinvention plan…

Today, the Board also approved the hiring of a professional firm to undertake a national search for candidates…

The current presidents have been encouraged to re-apply for the redefined positions. The Board of Trustees anticipates naming its president selections as early as May.

Am I misunderstanding this move? Whaa?

Does anyone have a different interpretation? I’m so confused…