Quality assurance has become acceptable, and all private universities are trying hard to achieve better standards executed by Higher Education Commission Pakistan (HEC) every year. The implementation of quality assurance (QA) programs rests upon the performance of university faculty. An exploratory study was conducted with the faculty of seven private universities in Pakistan to determine the leadership effectiveness regarding the implementation of QA programs. The strengths and weaknesses of the university leadership were measured in a three-fold exercise by identifying leadership characteristics, values, and actions taken to implement QA. For this purpose, a questionnaire was constructed, comprising both close-ended and open-ended responses. Data was collected from 430 faculty members from five private universities in Lahore, Pakistan. Both descriptive and inferential statistics were applied to meet the research objectives. The results indicate that leadership attempts are yet superficial and inadequate to reach the transformational quality. The effectiveness of higher education leadership needs much improvement to meet the needs of the 21st century. Unless the leaders align their efforts with the faculty's expectations and involve them in shared decision making, reaching transformative quality would remain barred; therefore, the sustainability of higher education will remain in danger. Keywords: Higher Education, Leadership Characteristics, Leadership Effectiveness, Private Universities, Quality Assurance.