This paper examines how companies are making their histories as strategic resources. The study focuses on the evolution of Panasonic’s approach to compiling corporate history and identifies two main implications. Firstly, overcoming the limitations imposed by the founder’s narratives is crucial. The unintended negative consequences of Rhetorical History (RH) play a significant role in the analysis of RH strategies, especially in the post-Konosuke Matsushita era at Panasonic, marked by the increasing“ deification” of Matsushita. However, as demonstrated by Kunio Nakamura’s initiatives, radically reinterpreting the founder’s narratives for flexible strategic planning can lead to“ de-deification” and the strategic use of historical resources for justifying new strategies. Secondly, the paper explores the limitations of implementing RH strategies within an organization when relying solely on radical reinterpretation. Kazuhiro Tsuga adeptly navigated these limitations by integrating organizational efforts in historical utilization, further promoting “de-deification.” This case study shows that the historical department’s commitment to maintaining public historical records not only preserves the distinctiveness of Panasonic’s history but also reinforces its legitimacy. This emergent organizational context and the “two-stage de-deification” process, which makes history accessible to all, were indispensable in legitimizing RH-based strategies at Panasonic.