I don't necessarily disagree, but I'm curious. Community Manager seems to me to be a broader term that can involve moderation. In this context, I think the word moderator has been used online much longer than community manager, which has gained more popularity in recent years. Does that have anything to do with it? Either way, I'm very excited about making this Q&A a reality.
Proposal: Moderators
Business-speak discourages experts (unless they are experts on business/marketing).
Moderators will be probably the broadest part of the site audience, and most of moderators simply don't see themselves as "community managers" unless they specifically put a thought to it. The title should draw attention immediately, sink in as something simple and well-known.
This is also a pattern you can notice over SE sites: you have Webmasters, Not "Web Development Specialists". You have "Programmers", not "Software Developers". Probably if "community management" was more popular (and "manager" wasn't run down into the ground, with "flat surface maintenance managers" and the likes) I'd choose it as it covers the subject better - but in this case, "moderators" was chosen for better impact, at cost of accuracy.
community.stackexchange.com ...
When I hear "moderator", I still think of those moderated mailing lists, where the moderator had to approve your email to the list, or put a lock on you if you abuse the list. So in that sense (and this is probably a very common one, even not just mailing lists - forums, etc) a "moderator" is kind of like a guard, or policeman - very little to do with community.
Actually, I think the best hope this site has is to cover both these aspects, moderator AND community manager, and more - shift the focus off the activities, and on to the purpose:
Community Building.
Community.SE FTW.
