This study draws on the experiences and insights of current college and university presidents to understand whether transactional, transformational or a combination of these leadership strategies advances an institution-wide diversity agenda. The qualitative elite interview study demonstrates that both styles of leadership appear important and that most presidents used both approaches to reach different audiences and with different effects, but both are necessary. Certain presidents may be more successful using transactional leadership, based on their race, while other presidents may have a personal preference for transactional or transformational leadership or be in a culture that suggests one over the other at a particular point in time. (Contains 1 table and 6 notes.)