The role of the university president in the United States is considered in this David D. Henry lecture, as well as in three responses by a panel consisting of University of Illinois President Stanley C. Ikenberry, the university's College of Education Dean Joe R. Burnett, and University of Illinois professor David A. Whetten. A question and answer session between the panelists and the lecturer is also included. The lecture focuses on the role of the presidency in the great American research universities, perhaps 30 or so in all. The term "presidency" is used to refer to the chief campus officers. The lecture explores in general terms what is meant by "leadership" in universities, and contrasts the American university presidency with its counterpart in selected European countries. The historical sources of the unique role of the university president that has developed in America are also sketched. Structures and institutional mechanisms through which the American university president takes initiatives, deploys resources, and exercises leadership are identified. It is suggested that leadership is apparent in four dimensions: symbolic, political, managerial, and academic. The lecture argues that strong faculty influence in university governance is as much a source of presidential power as a limitation on it. (SW)