President of the Church of Jesus Christ of Latter-day Saints
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The President of The Church of Jesus Christ of Latter-day Saints (LDS Church) is the church's supreme leader, the designated successor of Joseph Smith, Jr., and the head of the First Presidency, the church's highest governing body. Latter-day Saints consider him to be a "prophet, seer, and revelator", and refer to him particularly as "The Prophet", a title originally given to Joseph Smith.
Latter-day Saints consider the President to be God's "mouthpiece" both for the church and for other religions. He is thought to have supreme Priesthood authority, and the right to receive revelations. Modern Presidents, however, have not generally continued Joseph Smith's practice of regularly publishing written doctrinal revelations and visions, although most have stated that they have received such.
Infallibility versus Opinion
According to the Doctrine and Covenants, which contain most Church policies, the President is the only man who can receive revelation for the entire Church, change or clarify doctrine, and will never be allowed to lead the Saints astray. Church teachings state that God will "remove" any man who stands at the head of the Church who intends on leading the Church or its members astray. As such, his words when spoken as the President of the Church are "infallible," meaning they are correct and binding on those who live under his adminstration. By following his teachings, members of the Church are justified in their actions.
This distinction is important: when he speaks as the President of the Church, his words are infallible. Often the President will speak, but not as the President of the Church. At these times, the President may offer opinion and conjecture about non-spiritual topics which may or may not be correct. For example, one early church President opined there were people living on the moon. Though clear to most members of the Church that he was just expressing an uninspired opinion, critics of the Church have used this statement as proof of the fallibility of prophets, proving them uninspired.
Succession of the Presidency
When a President of the Church dies, the First Presidency is dissolved and the President of the Quorum of the Twelve Apostles, who is the senior Apostle, becomes the de facto president of the Church (as the Quorum of the Twelve Apostles is the leading body of the Church when the First Presidency is not operative) and will re-organize the First Presidency with new counselors as soon as possible.