The article describes a model of Managing by Values (MBV) as a framework for leaders and managers. MBV is proposed in the article as vital to managing and leading organizations in a turbulent and complex environment. A tri-axial model of MBV is presented. It is argued that in order for a good organization to transform itself into an excellent one, there should be a shared balance between three elements. They are the economic-pragmatic axis, the ethical-social axis and the emotional-developmental axis.