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This study examines the phenomenon of ‘liberating leadership’, an emerging trend promising self-mastery and collective unity, resonating with the literature on post-heroic leadership. We evaluate the claims of liberating leadership from a psychodynamic perspective, using a Lacanian approach. We examine how post-heroic forms of leadership reconfigure symbolic and imaginary aspects of follower identification, with ambivalent effects. Drawing empirically on the case of a Belgian banking department, we trace how a ‘liberating’ leader was able to garner intense psychological attachment among followers, accompanied by the ‘dark sides’ of personal exhaustion and breakdown, normative pressure to be overly happy, and the scapegoating of contrarian managers representing symbolic prohibition.