An overview of the principal's changing role in the 1990s is examined in this paper, with a focus on changing expectations and current issues and problems. The school administrator of the 1990s must possess an increasing complexity of knowledge and skills, vision, and understanding of participatory management, and must recognize the changing superintendent/principal relationship. A conclusion is that principals require an understanding of interpersonal relations, and organizational vulnerability, and they must have an analytical approach to school administration. In addition, the leadership role must change to remove principals from the balancing act they perform when dealing with cenral office staff and policies, teachers and their unions, students and parents, as well as community expectations. Twenty-six endnotes are attached. (LMI)