Changing Guild Leadership Rolls

Is there a way to transfer leadership to another member? Our guild leader would like to transfer ownership as he won't be able to play as much but it seems the current options are for him to leave the guild or disband it. He thinks he might be able to transfer leadership by demoting all but one of the officers he would like to make leader and then the game will make that person the new leader upon him leaving. Can someone confirm if there's a better way or that will work?

Thanks!