Shayne Elliott, former CEO of the Australia and New Zealand Banking Group (ANZ), is widely regarded as a leader who exemplifies self-awareness in both thought and action. Over nearly a decade leading ANZ, and a 30-year career across global financial markets, Elliott has demonstrated an exceptional ability to reflect, adapt, and act with purpose. His approach offers valuable insight for business leaders.

Elliott’s leadership is defined by a willingness to embrace self-doubt as a tool for growth. He has candidly described self-doubt as “probably one of the most difficult parts of the job,” yet he leans into it, constantly questioning his own assumptions. “Maybe we’re wrong. Maybe we should test that assumption,” he often asks. This intellectual humility allows him to challenge strategic direction without becoming personally attached to it—an increasingly rare quality in senior leadership.

Part of this mindset involves regularly seeking perspectives beyond the four walls of the business. Elliott has spoken openly about the value of external challenge, particularly from international investors who bring what he calls “the benefit of distance.” These voices serve as a mirror to his own thinking, enabling him to test decisions and avoid internal echo chambers. Such openness is a key marker of self-aware leadership: recognising when your own perspective may be too close to the problem.

The art of “burning the boats”

Leading a large legacy organisation like ANZ through transformation requires courage and realism. Elliott understands that turning around a complex institution “cannot turn on a dime.” He advocates for commitment to change, famously saying leaders sometimes need “to burn the boats” to show there is no going back.

He also acknowledges that transformations aren’t always rewarded by the market, making conviction at board and executive level critical. And he is transparent about the cultural barriers within ANZ, noting the organisation historically “did not generally have a culture of agility, nimbleness.”

Equally telling is Elliott’s honest appraisal of his own leadership temperament. While holding one of the most public-facing roles in the Australian corporate world, he describes himself as “quite shy,” someone who enjoys his own company and finds energy in family life. He admits he was unprepared for the “high degree of public intrusion” that comes with the job. But rather than let that erode his wellbeing, Elliott has implemented disciplined self-management strategies: keeping weekends free for family, taking holidays “religiously” to fully switch off, and using regular exercise with a personal trainer to maintain mental and physical readiness.

He also acknowledges the tension between personal values and executive decisions. While describing himself as a “very loyal person” who is thoughtful about the teams he builds, Elliott recognises the necessity of being “bold in your choices about people” and making changes “at pace” when the business demands it. Striking this balance—honouring loyalty while acting in the best interests of the organisation—is a classic test of leadership maturity.

Transformation under Elliott isn’t confined to technology or operations—it extends deeply into purpose and culture. ANZ’s reinvention under his leadership has included the launch of ANZ Plus, a fully digital banking platform rolled out in 2022. This is part of a broader ambition to move from being a traditional provider of financial products to becoming a “contemporary, relevant, and customer-centric” bank. This shift, as he has said, is about aligning capital and effort with societal impact, including investments in sustainable housing, environmental transition, and financial inclusion.

The importance of recognising legacy and purpose

Purpose has become a central pillar of Elliott’s leadership narrative. Notably, he does not claim to have invented ANZ’s purpose—“shaping a world where people and communities thrive”—but rather sees it as something rediscovered through what he calls an “archaeological dig” by employees. This illustrates a leader who respects the weight of institutional legacy and the importance of authenticity in purpose-led transformation.

During the COVID-19 crisis, Elliott’s self-awareness and agility were put to the test. Reflecting on how quickly ANZ moved 95% of its global workforce to remote working—some in just a weekend—he admits, “we surprised ourselves.” Without the urgency of the crisis, he says, the transformation might never have happened. He recognises that moments of crisis bring out the true character of individuals and organisations, and he is proud of how ANZ’s care for customers and community came to the fore.

He also takes a clear-eyed view of motivation. His purpose-driven decisions during the pandemic, he explains, weren’t about “scoring points” or avoiding scrutiny, but about genuinely wanting to “make an impact.” Importantly, ANZ didn’t simply react—they paused to learn. Structured reflection sessions encouraged teams to identify what changes should be kept, and what should be discarded. This proactive effort to retain lessons highlights a cultural maturity rooted in continuous learning.

Perhaps one of Elliott’s most profound reflections comes when discussing customer relationships during challenging times. “The way a bank treats its customer at a time like this will never be forgotten,” he says, underscoring the long memory of trust. He understands that banking, at its core, is a relationship business, and that character—how you show up under pressure—has lasting value.

In fact, he goes further, applying that principle to clients as well. ANZ now reviews how its corporate customers treat employees, suppliers, and communities during crises as part of its ongoing partnership strategy. As Elliott puts it, “At the end of the day, in our business, character is everything.” Few leaders so clearly align values, culture, and commercial outcomes.

Even his personal development mirrors the frameworks used within the organisation. Elliott observes that ANZ’s “Protect, Adapt, Commit, Prepare” model is just as applicable to individual decision-making as it is to enterprise leadership—a subtle but telling example of how deeply self-awareness influences his thinking.

Elliott calls himself a 'Retired CEO' these days, but one never truly retires from the internal work required to lead with authenticity and clarity. 

Photo from ANZ annual report 2024