It should be relocated at President (The Three Doctors) because Doctor Who and the Doomsday Weapon establishes "First Time Lord" as an actual title in Time Lord hierarchy synonymous with Lord President. The Legacy of Gallifrey definitely states that the President in office at the time of Colony in Space is the one from The Three Doctors, Pandad IV, to which that page is to be renamed.
Talk about it here or check the revision history for additional comments.
A Time Lord was living on Gallifrey when a report on the Doomsday Weapon went missing from the Time Lords' files.
He and the other Time Lords were convinced that the Master had taken it. He was a figure of authority since he often received important reports.
A group of Time Lords, including this individual, decided to send the Third Doctor to the planet Uxarieus in the year 2472 to investigate. (TV: Colony in Space)
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