With all the trials and tribulations, the job of a university president is one of the most rewarding. Yet, like every other aspect of society, the academic presidency has changed over the last several decades. A surprise turn of events gave the author an opportunity to reflect on the "then and now" question. Having served as president of the University of Illinois from 1979 to 1995, he returned--albeit briefly--to the very same office 15 years later. Many things seemed unchanged; others were startlingly new. In fundamental respects, the job of the university president remains the same. Three decades later, a president must still have a strategic vision and shape priorities; be able to make the difficult, sometimes painful decisions; communicate and build confidence and consensus among the board, faculty, staff, students, and alumni; build bridges to the public, the news media, business and civic leaders, and policy makers; serve as spokesperson and living logo; balance the budget; exercise power judiciously; and work in concert with the governing board to oversee the operation of a large and complex operation. Still, the presidency "has" changed. In this article, the author shares some of those changes as he experienced them and explores the implications for governing boards. (Contains 2 resources.)