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Due to globalization and technological innovations, the concept of change has become more important. According to Kotler, change management is an approach that encompasses the management models which the individuals, teams, or organizations have in order to reach a desired state in future. It also includes the actions taken to reach that state. Established in 1835 in Sydney, ANZ till today stands as one of the top financial institutes in New Zealand and Australia. For any company to survive and sustain in long term, change is inevitable. By the early 90s the company had accumulated several challenges such as bad debts and low employee morale. The report analyses how the CEO of ANZ, McFarlane effectively implemented a cultural change strategy in order to provide a sustainable competitive advantage. It also assesses the relationship between the change effectiveness and the leadership styles of McFarlane and the successive CEO Michael Smith.
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