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Understanding the phenomena of corporate longevity and self-renewing organizations has become an important topic in recent management literature. However, the majority of the research contributions focus on internal determinants of longevity and self-renewal. Using a coevolutionary framework, the purpose of this chapter is to address the dynamic interaction between organizations and environments in the realm of sustained strategic renewal, i.e. corporate longevity. To this end, we will focus on the competence of long-lived firms to coevolve due to the joint effect of managerial intentionality and environmental selection pressures. Building on coevolutionary framework, we develop a conceptual framework that highlights an organization's coevolutionary competence. Two longitudinal case studies are presented illustrating the arguments.