This study examines the traits and characteristics of university presidents considered to be transformational leaders. The author conducted a Delphi study with a panel of 52 university president experts to identify qualities of effective leadership in higher education. The panel reached consensus that transformational leadership is needed to introduce change in higher education. Specifically, presidents need commitment, competence, authenticity and the ability to effectively communicate vision. They must also overcome resistance to change from entrenched faculty and staff and address funding limitations through alternative strategies. The study provides insight into leadership approaches necessary to adapt universities to changing economic and academic environments.