Using in-depth interview material, this article explores the socially constructed and locally mediated nature of authentic leadership. The findings illustrate an irony of authentic leadership: while leaders claim that it is their true and natural selves that make them good leaders; simultaneously, they must restrain their claimed authenticity in order to be perceived as good leaders. This generates tensions that undermine the construction of a more stable and coherent leader identity. The study finds that in order to resolve these tensions, the managers develop metaphorical selves—Mother Teresa, messiah and coach—as a way of trying to accommodate conflicting identity claims while remaining true to the idea of themselves as authentic leaders exercising good leadership. These findings contribute to a constructed, situational and contested notion of leadership by showing how authenticity is an existential project of ‘essentialising’ fragmented and conflicting selves.