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That is a lot to unpack.
First off, it is totally appropriate to grieve. And remember that the others in the department might grieve as well. It means that the working relationship mattered.
2 - make sure you get the title, a job description, and the appropriate pay bump for the work you will be doing. You might be doing the work of a VP with a director title. So watch out for that. Definitely negotiate.
3) I would get clarification about what needs to be restructured and what the goal of the restructure entails. Getting rid of a VP tells me they are trying to save money with doing more with less.
4) if possible, I would have a team meeting with the CEO talking about the change in leadership, the plan moving forward, and what vision they have for the team.
5) telling you this before a vacation… I’d ask for my vacation time back. Because I know that would be totally on my brain the whole time and I wouldn’t unplug. That is just downright mean.
He wanted me to be aware and begin to think about how to restructure the dept.
The only thing I can think about is the incredible guilt of my boss losing his job in this market. He is a great person and has been excellent to work for. I fear the others on the team may have the same feelings that I have and resent my new role.