The paper examines the contribution of the French philosopher Michel Foucault to the subject of ethics in organizations. The paper combines an analysis of Foucault’s work on discipline and control, with an examination of his later work on the ethical subject and technologies of the self. By situating ethics as practices of the self, and by demonstrating the conditions under which freedom in organizations can be exercised, Foucault’s ethics connects an understanding and critique of power with a personal project of self. He therefore provides a theory of subjectivity that potentially informs a reshaping of contemporary virtue ethics theory, value-based management, and business ethics teaching.