City and school leaders hope the extra time will boost student academic performance, especially in the city's lowest-performing schools.
State education officials voted to immediately dissolve the city's elected board but to keep local superintendent on an "interim" basis.
Data from the National Center for Education Statistics show that in fiscal year 2012 the median per-pupil spending by local school districts declined by 2.5 percent.
Former Superintendent Heath Morrison resigned last year to care for his ailing mother, he said, but his departure came just days after an internal report recommended his termination.
The chancellor will replace the Bloomberg-era networks, which were run by independent organizations, with regional centers that superintendents will oversee.
A Pennsylvania judge ruled on Thursday that the Philadelphia School Reform Commission does not have authority to unilaterally change the teachers'union contract and impose new terms.
MaryEllen Elia, the schools chief in Hillsborough County, Fla., was fired by the school board this week, days after she appeared in Washington as one of four finalists for national superintendent of the year.
The teachers' union sued the district after it abruptly canceled the collective bargaining agreement last October and mandated that union members pay toward their health care costs.
The Wallace Foundation-commissioned study found that six districts it has invested in are more effectively using data to "make better-informed decisions on hiring and placing" school leaders.
Henderson Lewis Jr., the schools chief in the East Feliciana Parish district, will become superintendent of schools in Orleans Parish, which operates six regular schools and oversees 14 charters in New Orleans.