This chapter attempts to analyze how traditional HR practices in Brazilian Development Bank (BNDES) were deemed not enough for supporting business needs in the new development context and how a set of reforms was launched to "modernize" management of this state-owned enterprise. It provides a vivid explanation of change-continuity in BNDES, without falling into a schematic and rigid academic approach. BNDES is a class of organization virtually ignored by management literature, especially in the Anglo-Saxon tradition. The organizational model of BNDES well fitted its business needs. People management is one of the most central themes of BNDES's organizational agenda. Traditionally, BNDES has been an organization where employees and organizational units enjoyed a remarkable degree of freedom concerning centralized governance systems. The chapter discusses briefly BNDES's main strategic challenges that are framing the change in HR policies. It highlights the internal and external elements that combine in different proportions to produce an iterative, multilevel process of organizational change.