Based on two fundamental group functions (Performance, Maintenance), the PM Theory of Leadership proposes a four-type typology: P-type, M-type, PM-type, and pm-type. This paper examines the group-leader relationship under each of these four types, using Freudo-Kleinian processes of "splitting", "introjection" and "projection" . Comparing these leadership types, we describe 1) how, like a child through the "schizo-paranoid position", a group functioning under P, M and pm leadership resorts to these mechanisms to overcome the persecutive anxiety, and consequently looses its energy; 2) how, like a child through the "depressive position", a group under PM-type surmounts the depressive anxiety, resorting to more positive mechanisms (aggressivity inhibition and reparation). Based on the findings by Misumi and his colleagues, we propose, here, a psychoanalytic explanation of the superiority (in terms of effectiveness) of PM-type to the other types. 3) Finally, we discuss the negative effects pm-type leadership may have on the group's emotional structure and, consequently, its performance.