This article reports on the findings of a larger case study about the impact of values on educational leaders in Iceland. The environment of Icelandic schools has changed considerably in recent years. These changes have affected schools and changed the nature and scope of principals' work. Scholars have argued that these changes are primarily market driven and have made schools subject to market pressures. Ten principals, five women and five men, were interviewed and asked how recent changes had affected their roles. They were also asked to share information about difficult decisions they had made during this time. Moreover, in all the ten schools, one mid-level administrator was interviewed. This article shows that Icelandic principals work in a changing and unstable environment, where values of school stakeholders often compete for recognition. It highlights the conflicting demands principals were faced with and the difficult issues they had to resolve in a competitive environment. Many of the conflicts involved core activities of teaching and learning against various other new services. Their narrative shows that they focus on their role as pedagogical leaders and see care as a core value in their practice. This holds true regardless of gender.