The notification stuff in the individual member profiles is an individual "override" that allows *opting out* of notifications regardless of what the master settings are. (I may need to reexamine the wording on the control to make it clearer.)
In your club's case, the President and VPE are *not* included in role change notifications, per the Agenda Global Settings in the Admin Console.
support.toastmastersclubs.org/doc/item/agenda-default-settings