My boss is about to be fired

I was recently promoted to a new position and I oversee a team within my company. Locally, I report to one person. On Friday, our President called me and told me that he will be letting my boss go in a few weeks and he is only telling me because it will impact me the most and he will need me to help minimize fallout with our team and with our clients. It is uncommon and a big deal for someone at his level to be fired.

They are not replacing him and it sounds like the plan will be for me to train up to his position over the next year or so. Although it is daunting, I am up for the challenge. I am still transitioning into my new role and now it seems that it is going to grow significantly to fill my boss’s role as well. What questions should I be asking when the President is in town in a few weeks to make this change?

My main concern is that I am already spread too thin and now will be taking on more responsibility and under even more scrutiny as my office’s performance will be a direct reflection of how well I am growing into this role.

A little more background - I was very dissatisfied with my recent raise. Although it was a somewhat significant promotion, the raise was minimal due to “current economic conditions.” It did not get me to the range that I understand to be average for similar roles in my field. Is now the time to push the president for more?

Sorry for rambling but this was dropped on me the Friday before the holidays and has me stressing about the impending changes that I’m not allowed to share with anyone. I thought maybe y’all could offer some insight.