The text discusses the evolving models of leadership in repertory theatres in the context of the ongoing disintegration of capitalist ideals. Not long ago, shared — or collective — leadership appeared to be the answer to the crisis of single-person, often authoritarian leadership in these institutions. The authors, drawing on media sources and existing data, examine two examples of collectives — from a Polish and a German theatre — analyzing their emergence and eventual dissolution. New approaches to running artistic institutions emerged in response to crises caused by abuses of power, the impact of the #MeToo movement, and the growing demands of employees to gain agency in decision-making processes. However, it quickly became clear that socially attractive leftist ideas of democratization do not always hold up in practice. The aim of the article is to capture this moment of transformation and to show how artistic institutions and their leaders attempt to navigate a changing reality.