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Presidential performance is critical to institutional effectiveness. Therefore, to ensure institutional effectiveness, the board of trustees pays careful attention to the qualifications of individuals hired for the job. To guarantee accountability and commensurate rewards, most boards evaluate their presidents periodically. However, presidential evaluation has a potential to yield negative consequences if poorly conceived and implemented. To reduce the chances of these negative consequences, the goal of this study was to investigate indicators of presidential effectiveness as a basis for shared reasoning among trustees who are charged with the responsibility of hiring, assessing, and compensating college and university presidents. Over 600 trustees in all higher education sections participated in this study. The study shows that: knowledge of higher education; an influence that helps to attract resources; a healthy relationship with key constituents; and effective management skills are important indicators of successful presidents. Some sectoral differences were observed in terms of the significance of indicators of presidential effectiveness. The study concludes with recommendations for presidents, and college and university boards of trustees.