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This paper looks at leadership in a liberated organizational context, focusing on a type of leadership that has not yet been widely explored in research, namely shared leadership. Based on a case study of a team leadership model, our research examines the interplay between governance and organizational culture in terms of shared leadership. It identifies the tensions that exist around leadership in “freedom-form” (F-form) organizations and suggests ways of thinking about how shared leadership can be put in place across such organizations. Our study makes both theoretical and managerial contributions: From a theoretical perspective, it addresses a neglected aspect of F-form organizations, namely team leadership. It provides a response to criticisms of the centralization of power observed in these organizations and identifies the conditions for sharing leadership. From a managerial perspective, our study provides guidance to those involved in implementing a type of leadership that is in keeping with the liberated organizational culture.