This short speech examines the principal in his various roles as an educational leader, personnel manager, and business manager. It reports evidence indicating that the principal's primary role, that of educational leadership, is being eroded as a consequence of the expansion of his other roles. The author suggests a readjustment of priorities to set the role of the principal in the proper direction. To this end, the author says, some duties traditionally held by the principal must be delegated, the concept of the principal's role as defined must be accepted, and he must be offered clearly defined responsibility and authority, and a measure of budget and staff flexibility; and he must recognize his school and community as having specific needs and characteristics. The author sees as crucial priorities for role adjustment and redirection of energy the areas of decisionmaking, community relations, administrative structure, curriculum and administration, good order, discipline, and learning. (Author/DN)