Leadership clearly has an impact on organizational outcomes, and previous research has revealed the antecedents and consequences of leadership styles and the effects of leaders' personality traits. We focus on an area that has received much less attention: ethical leadership practice and the virtues that guide it. Following the positive turn in leadership research, we examine what constitutes virtuous action of leaders. We draw on observations made in a novel realm, rock climbing, and integrate them with the literature on leadership virtues while drawing parallels to business. We identify six essential virtues at the core of the ethical leadership model we propose: rationality, honesty, independence, integrity, justice, and pride. Three of these-rationality, independence, and pride-are not conventional virtues, but we suggest that they are critical for ethical leadership, as is the standard of human flourishing and the leader's relationship with followers as a trader of values. Our analysis is summarized in testable propositions.