Yes and no...
Yes - we definitely need a new moderator more at least!
No - on beta sites there's no election process. Instead, the current mods / SE staff invite valuable members to help on the burden.
We're discussing the latter with the community managers and we expect to have news very soon.
Update 1 (20/Mar): Still waiting feedback from Stack Overflow community.
Update 2 (09/Apr): SE Community acknowledged the request and is reviewing community's most active members for suitable candidates.