I recently ran into an issue where I ran Outlook on my server and connected to Exchange using my personal account. The personal account was not a domain admin account. When you do this there is a problem. Windows cache your username/pass. So the next time you open Exchange system manager it will act like it is logged in as the normal user.\nAnyways to fix the problem just go start>run and type control keymgr.dll and delete the cached credentials.\n

cached-credentials

\nAnother symptom of this problem whenever you try to do anything in ESM you get the following errors "The parent object for" %servername% "could not be found"