Very brief answers:

1. The main change is the addition of two moderators to make the work load easier on the existing moderation team.

2. No.

3. Two new moderators will be elected.

4. Yes, see above.

5. Yes, the current load is more than the current crew is comfortable handling: They are the ones that requested the election.

For a bit more general information, see the chat transcript linked by Qmechanic in the comments. This is all that's known, for now.

Very brief answers:

1. The main change is the addition of two moderators to make the work load easier on the existing moderation team.

2. No.

3. Two new moderators will be elected.

4. Yes, see above.

5. David Z elaborated a bit on this:

When all four of us are available, we have no problem with the current workload. But if a couple mods are traveling or without internet access, it becomes hard to keep up, and that happens often enough that we'd like to expand the moderation team to avoid being shorthanded.

For a bit more general information, see the chat transcript linked by Qmechanic in the comments. This is all that's known, for now.