Is it possible to take over a WordPress site if the old administrator is MIA?

If you have FTP access than you can set password with

wp_set_password('password', 1);

https://codex.wordpress.org/Resetting_Your_Password#Through_FTP
https://codex.wordpress.org/Function_Reference/wp_set_password

or via database if you have access to phpMyAdmin according to http://www.devlounge.net/publishing/reset-a-wordpress-password-from-phpmyadmin