In this paper we report on a study of the nature of different aspects of leadership in agile teams. We used an established model of leadership, distinguishing transactional and transformational styles, and asked IT professionals a set of questions about the leadership they experience, both from direct supervisors (hierarchical leadership) and from the team itself (shared leadership). Our results show that agility is indeed related to the transformational style, but that the transactional style also plays a part, especially as shared leadership. Furthermore, even in highly agile software development, leadership by direct supervisors still plays an important role. We propose that, as software development becomes more agile, the transactional aspects of leadership may shift away from the leadership dyad between supervisor and employee into the agile team, while transformational leadership is important for both the team and supervisors.