Reaction of organocobalt(III) porphyrins with a cobalt(II) complex of a distinguishable porphyrin or tetrapyrrole resulted in the reversible exchange of the organic axial ligand. The exchange reaction was facile in such solvents as benzene, toluene, dichloromethane, chloroform, and pyridine; was unaffected by total exclusion of light; was faster than would be expected for a homolytic process given known Co-C bond dissociation energies; and was of broad scope with respect to the organic ligand. Methyl, benzyl, primary alkyl, secondary alkyl, and acyl groups exchanged, but phenyl groups did not. The position of the exchange equilibrium was independent of the direction of approach and was nonstatistical. The relaxation to equilibrium appeared to be consistent with that of a second-order process. The rate of the reaction varied with the identity of the R group in the order Bz1 greater than or equal to Me > Et approximate to n-Pr > i-Pr > i-Bu > acetyl approximate to neopentyl approximate to 2-adamantyl. However, the total variation in reaction rates was remarkably small. Attempts to find evidence of free-radical intermediates by trapping with TEMPO or CO or by alkyl group interchange with an excess of an alkyl halide of a distinct alkyl group were unsuccessful over a time scale comparable to multiple half-lives of the exchange reaction. In addition, no rearrangement products were detected in exchange reactions of the 5-hexenyl group. Use of cobalt porphyrin reactants that were sterically encumbered on both faces with groups large enough to prevent formation of a bridged, Co-C-Co structure resulted in a 5 or more order of magnitude decrease in the rate of methyl exchange, if not its outright cessation, when run with total exclusion of light. The decrease in the rate of the thermal exchange process revealed the existence a slow photochemical exchange process that was driven by room lights. Ail evidence was consistent with a bimolecular S(H)2 mechanism for the thermal exchange mechanism.