We users from the German board just went through the same situation.

We proceeded as follows:- We created a thread (in our local section) in which users could express their interest in the role as moderator.
- Every user should include his/her report history in the application.
- After a certain time, a poll was created where everyone could vote for his/her favorite candidate.
Even though theymos does not use the result of the poll as its primary influence, we still wanted to know which candidate is favored by the other users.
Here is a statement from theymos on how the final decision is made:
Report history is the most important consideration for a moderator candidate. Over the forum's many years, relatively "newbie" members with good report histories have consistently done much better as mods than veteran, well-respected members with poor report histories. That said, not all reports are equal, so a simple report count doesn't tell the whole story. Also, in addition to report histories, it's necessary to consider factors such as the ability of the candidate to be neutral, their trustworthiness, etc. It's also nice to choose a moderator who people generally already trust/respect, but sometimes this is outweighed by other factors.
If a poll is created, I will not completely ignore the results, but I will also not use it as a primary influence. I'm more interested in arguments people have for or against certain candidates.
Now we have mole0815 as our new mod, who is really doing a very good job.
Well then, hopefully you will soon also have a local mod.