This paper offers a historical analysis of organizational identity development at a particular Dutch university, the Vrije Universiteit (VU) Amsterdam. Our analysis contributes to the discussion on what factors contribute to organizational identity maintenance and evolution. Whereas the literature suggests a rather straightforward development, with national and institutional governance arrangements offering more institutional autonomy and providing significant scope for identity development and profiling, this case study shows that these relationships between identity, governance, and autonomy are not that obvious. In this particular case, the opposite happened. Despite more autonomy, VU Amsterdam was not able to maintain its historically distinctive identity, nor was it able to replace this with a new, unambiguous identity. External factors (demographics) and internal dynamics (leadership strategies) explain the anomalies.