How do principals adjust to new standards and measurement rulers of school performance when they are coupled with high-stakes consequences? Adopting a contingent view of leadership and a multiple accountabilities framework, this qualitative study explores how high school principals enacted their accountability in New York City, by comparing two periods: just before such policy changes took effect and just after. We observed large differences in principals' attention to external political, bureaucratic, and market accountabilities; how much accountability conflict or alignment was experienced; and how principals' sense of professionalism was constructed. These differences may portend a new politics of the principalship. (Contains 4 tables, 2 figures and 18 footnotes.)