In an era of heightened anti-Black racism and aspirations of equity in education, equity directors are at the vanguard of district efforts to eradicate educational injustices. This study examined how the racialized and gendered organizational contexts of U.S. equity directors shaped their equity leadership to transform educational systems. Drawing on intersectionality with theory about racialized organizations, we found that equity directors who identified as Black and other women of color experienced "organizational double jeopardy" in the form of diminished agency, unequal resources, differential return to their academic credentials, and decoupled formal rules from practice in ways that constrained their efforts and exacted a significant psychological and emotional toll. However, the race-gendered experiences of equity directors also constituted vital forms of knowledge and expertise for reshaping their roles and increasing their access to valued organizational resources. Paradoxically, then, racialized-gendered organizations functioned to diminish the influence of Black and other women of color equity directors who used their racialized-gendered knowledge to make strategic organizational change. We conclude with a call for attention to the nexus of individual-organizational dynamics in the practice of equity-focused leaders in tandem with longitudinal examinations of equity leadership across educational systems.