In this article I develop a new understanding of the highly damaging revenge that is, on occasion, enacted by leaders. While writers and researchers in the field invariably argue that revenge is directed principally or exclusively towards the “other” who has caused one hurt, I take a different approach. Instead, drawing on the psychoanalytic school of Freud, Klein, and Bion, I argue that—as well as being experienced as the “other” who is hated—people may become targets for revenge because they unconsciously represent the “unwanted self” of the avenger. Revenge scenarios at Gucci and Lehman Brothers are examined. The contribution of this article is threefold. First, this article offers a new approach to the understanding of the leader's revenge and constructs a theoretical framework that identifies its main components. Second, this article contributes to the literature on leadership, and, third, it contributes to the literature on revenge.