The position was created in 1754 by the original royal charter for the university, issued by George II, and the power to appoint the president was given to an autonomous board of trustees.

[5] From 1902 to 1970, every president was involved in foreign relations in some capacity: Nicholas Murray Butler was the president of the Carnegie Endowment for International Peace from 1925 to 1945, and was awarded a Nobel Peace Prize for his promotion of the Kellogg–Briand Pact; Dwight D. Eisenhower served as Supreme Commander of the Allied Expeditionary Force during World War II, and after his tenure would serve as President of the United States; and Grayson L. Kirk and Andrew W. Cordier were both instrumental to the formation of the United Nations.

According to the university charter and statutes, the consent of the president is necessary for any act made by a faculty or administrative board, unless their veto is overridden by two-thirds vote.

[1] Additionally, the president is able to grant leaves of absences, give faculty permission to use university laboratories for experiments, and confer academic and honorary degrees on behalf of the board of trustees.

[1] The president is ex officio a permanent member of the Pulitzer Prize Board, and has annually presented the awards to its recipients since 1984.