Confronted with the processes of massification, commercialisation, internationalisation and reduced funding, universities also face an ageing academic workforce, with implications of a shrinking pool from which to recruit managerial and research leaders. A feminist analysis suggests that the policy problematic has been wrongly conceptualised as disengagement with leadership due to the characteristics of the academic workforce. Instead, it is argued that the corporatisation of the academy has produced academic disenchantment due to managerial dominance, commercialisation and privatisation and disengagement with the dominant values, practices and images of university leadership. Furthermore, the intensification of academic labour and the lack of diversity in leadership discourage many women from aspiring to or achieving leadership.