No, but they can become rank 2.
On the Manage Guild Ranks page, in such a situation, there should be a button for an elder in the top occupied rank that says "reclaim upper ranks" or something similar.
I'm not sure if it's because Sofia's player is just blind or not, but this has not been possible with Verdis Elementum. Our highest-ranking elder is about rank 5 or 6 I think, and has been unable to claim a better rank.
