I think it's important to have closure in any relationship that ends - from a romantic relationship to a friendship. You should always have a sense of clarity at the end and know why it began and why it ended. You need that in your life to move cleanly into your next phase.
I was in the drama club, and I was one of seven co-presidents of the student body. Students elected me; I dont know why! There were only 330 kids in my high school, though, so it wasnt a lot of kids to impress or reign over.