The impacts of neo-liberal education reforms on the early childhood education sector have been a focal point of scholarly critiques in New Zealand. Interestingly, only a few studies have addressed how teacher professional identities and professionalism have changed in response to the neo-liberal context of New Zealand early childhood education. It has been, however, recognised that understanding the complexity of teacher professional identities within the rapidly transforming landscape of early childhood education is a key consideration in implementing and sustaining a change agenda in education policies and practices. In this article, the author draws on data from her research study about how teachers' professional identities have been reconstructed in response to the shifting discourses in New Zealand early childhood education policies and practices. Specifically, the author explores the construction of teachers as business managers, which has emerged through an interplay of discourses of marketisation and privatisation driving some of the country's early childhood education policies and practices. It is argued that the construction of teachers as business managers has altered core professional ethical values underpinning the teaching profession, professionalism and the purpose of early childhood education in New Zealand, which were traditionally embedded in discourses of collective democracy, equity and social justice.