This essay concludes the American Council on Education (ACE) Project on Leadership and Institutional Transformation, in which participating higher education institutions explored ways to succeed in an atmosphere of continuous change. This paper presents the highlights of the Projects experience in working with 23 institutions over 5 year. It begins with a brief description of the conceptualizations of change and transformation. The paper then describes the extent to which project participants achieved transformational or other kinds of change and the evidence of such transformation. The paper explores why some institutions made significant progress on their change agendas and how differences among institutions influenced the change process. Also offered are insights about leading change. Four factors were identified that shaped the successful course of change: (1) transforming institutions had propitious external environments and internal conditions; (2) change leaders displayed attitudes and came up with approaches that facilitated change; (3) leaders helped people develop new ways of thinking; and (4) leaders paid attention to the change process and adjusted their actions in response to what they learned by listening to the stakeholders in these institutions. One appendix lists the participants in the ACE Project and the other lists those participating in the Kellogg Forum on Higher Education Transformation.