Upon the Presiding Bishop's recommendation, the First Presidency calls two other men to assist the Presiding Bishop as his counselors; the three together compose the Presiding Bishopric of the LDS Church. As well as being ordained to the Aaronic priesthood office of bishop, the members of the Presiding Bishopric are general authorities of the church. Like all other functioning bishops in the church they are ordained high priests in the Melchizedek priesthood. The Presiding Bishopric forms the governing body of the Corporation of the Presiding Bishop of the Church of Jesus Christ of Latter-day Saints, which is the legal entity owning many of the church's assets and holdings in some countries around the world.
Read more about this topic: Presiding Bishop (LDS Church)