King or Queen of the Day is an activity where each student gets a day to be the boss of what books are to be read that day.  This is a great way to get students to choose favorite books, provide some ownership, and practice decision-making.  All the while, the students are having fun because they know that they are in charge.   
Getting crowns, or having the student make one, is another piece that could make the activity that much more fun.  The students could also have a "throne" where they sit when the stories are being read.