Аннотация:Following a review of literature on the leader-member exchange model of leadership, the model's methodological and theoretical problems are discussed. First, it is argued that leader-member exchange is a multidimensional construct and should be measured accordingly. Second, it is noted that the leader-member exchange developmental process has not been fully explicated. In addressing these problems, a three dimensional conceptualization of the leader-member exchange construct is proposed and a model of the leader-member exchange developmental process is presented.