This paper explores the following questions: (1) What do those who appoint V-Cs (Vice-Chancellors) look for? (2) What is the empirical evidence regarding whom they choose? (3) What do V-Cs say one needs to do as a V-C and what do they actually do? and (4) What are the fundamental tasks now facing V-Cs as leaders? In answering these questions, the author draws upon a small study that conducted in 2004 which involved conversations with past and present V-Cs in the UK and which called upon a variety of archival data. (Contains 2 figures.) [This paper is based on the Franklin Lecture given at the Guild of Educators (November 17, 2005, London.]