Higher education environments are examples of the institutional manifestations of systems of oppression and dominance found in all other parts of society. Systems of racism, sexism, and heteronormativity present real impediments to marginalized people within higher education but more specifically for women of color. Women of color senior-level professionals in higher education face a resounding number of disproportionate challenges correlated to the intersections of their race and gender, such as covert and overt discrimination, a lack of mentorship, and limited access to networks. This study's purpose was to understand the nuances of how identity, positionality, and social exchange relationships impact the experiences and leadership development of women of color senior administrators. Much of the current scholarship regarding women of color senior leaders within higher education focuses on the pathways to entry; however, this research takes a deep dive into the experiences of women of color currently holding leadership positions and unveils the intricacies of their leadership development and the contextualization of exchange relationships. This study used foundational frameworks of critical race theory and critical race feminism to position racism and sexism as critical factors in understanding the systemic inequities and marginalization within the experiences, relationships, and leadership development of women of color senior administrators. Ultimately, through a feminist transformational leadership lens, the participants' experiences with systemic oppression and institutionalized racism transcend into intrinsic leadership skills rooted in cultural capital, the pursuit of justice, and transformational equity. The findings revealed major themes that directly aligned with a feminist transformational model of leadership and exposed exchange relationships as symptoms of the patriarchy and white supremacy that remain prevalent in the very fabric of higher education institutions. This research calls for universities to intentionally develop strategies for the retention of women of color in senior leadership positions, critique current policies that may disproportionality impact women of color senior administrators, and unlearn mainstream leadership models that inherently isolate and diminish the richness of the culturally informed leadership skills exhibited by women of color. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com.bibliotheek.ehb.be/en-US/products/dissertations/individuals.shtml.]