In a corporate rebranding process, changes to brand identity will involve a concurrent organisational adaptation likely to generate reactions from internal and external stakeholders. We explore this issue by identifying, describing and explaining the tensions involved in managing the process where organisations have to meet expectations from different stakeholders, as in nonprofit organisations. Based on in-depth interviews with managers and consultants, the research provides a view of the complexity of balancing and maintaining relationships with various stakeholders. Three key tensions are presented: in aligning image and identity, in stakeholder dialogue and access, and in balancing market requirements with organisational identity