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Runcible was a presenter of Public Register Video, essentially a Gallifreyan equivalent of a TV news reporter His rather pompous personality had earned him the nickname of "Runcible the Fatuous".
He knew the Doctor well-enough to recognise him even after several regenerations, having both been pupils of Borusa, but could not recall the exact circumstances which led to the Doctor's initial departure from Gallifrey.
Runcible's recording of the assassination of the Lord President could have cleared the Doctor and revealed the identity of the actual killer, so the Master stole the tapes and murdered both Runcible and his cameraman. The cameraman was killed with the TCE and his shrunken corpse left within the camera, while Runcible was simply stabbed in the back and died (he was not shown to regenerate). (DW: The Deadly Assassin)