This speech addresses the issue of excellence and leadership in academia. The speech begins with a review of what excellence is, how it is judged, and why it is important. It is argued that educational institutions, although they strive for excellence, do not always attain it, or else they present cosmetic approaches to make it appear they've attained it, such as changing an institution's name from college to university. Six components are offered as critical in attaining academic excellence: (1) a clear institutional mission; (2) the commitment of adequate resources; (3) emphasis on the processes of teaching and learning; (4) the commitment to scholarship, creative work, and research; (5) an academic environment supporting individual excellence; and (6) strong, creative, and effective leadership. An example is given of the development of an integrated, multidisciplinary sequence of courses in Pharmacology at Ohio State University, its successful implementation, and the reasons for its eventual abandonment by the school. The lessons learned from the experience, as well as what it reveals concerning academic leadership are discussed. (GLR)