Embedding Strategy in Rhythm, Culture and Execution

A conversation with Yianna Papanikolaou, former Chief Transformation Officer at Westpac.

In a climate of increasing scrutiny and accelerated change, execution risk has never been more real. For Yianna Papanikolaou, former Chief Transformation Officer at Westpac, successful delivery starts with strategy that’s not only well-crafted, but deeply understood, widely owned, and constantly adjusted in real time.

In this Exec Edge Q&A, Yianna shares her learnings on tackling execution gaps, the signals she watches for when execution starts to drift, and why iteration is the muscle that turns plans into results.

Below is our full conversation, lightly edited for clarity and flow.

What does successful execution actually look like in your organisation and how do you measure it?

Successful execution is about disciplined focus on what matters most to our customers, our employees, and ultimately our shareholders. It is about consistently delivering commitments, and innovating while maintaining the strength and stability our stakeholders depend upon.

The fundamentals are straightforward, but the execution takes discipline:

1. Anchor everything to customer outcomes:Every strategy, every initiative has to answer a clear question: How does this help our customers? These aren’t just metrics — they are real ways we help customers toward better futures. Are we making their experience better, reducing their risk, making more available to them faster?
   

2. Ensure everyone understands their role in delivering our purpose:Everyone knows the “why” and the “what” — their team’s and individual goals, and how their work contributes. When people can see how their work contributes, they make better decisions every day.
   

3. Allocate resources with discipline and focus:We prioritise with discipline and direct energy where it counts most. That often means saying ‘no’ to perfectly good ideas so we can fully resource the great ones. Once priorities are clear and resources aligned, teams deliver autonomously. They adjust, make trade-offs, collaborate and move fast.
   

4. Consistent rhythm, learning and accountability:Through quarterly reviews, we are honest about what went well and what could have gone better, and adapt to changing conditions. This isn’t just a performance review — it’s a learning loop. We learn, course-correct and continue, always with an eye on impact and our direction.
   

What distinguishes strong execution is the ability to maintain strategic consistency, while responding to immediate customer needs — continuously.

At Westpac, we brought this discipline to life through clear enterprise Objectives and Key Results (OKRs) that cascaded into measurable team and individual goals. Our Quarterly Business Reviews (QBRs) became forums for real-time review, learning and adjustment based on strategic recalibration, market conditions, and customer needs.

Building this discipline required cultural change. We had to shift from activity-based thinking to outcome-based execution. But when people can see the direct connection between their work and customer success, they bring their best every day, and results follow. That's when an organisation truly hums – when strategy, rhythm, capability and culture align to deliver consistent value for all stakeholders.

Where do most strategies break down when moving from PowerPoint to implementation?

Execution fails most often in two places:

1. Communicated, but not owned: Strategies often stay at the top; high-level visions and principles are shared in all-hands, but don’t translate into how people actually work. For strategy to stick, it needs to be embedded in KPIs, resource allocation, and all decision-making. It needs constant reinforcement until there is absolute clarity.
   

2. Too many flowers blooming: Organisations set strategic priorities, then continue funding pet projects. Resources stretch thin, focus blurs, and momentum stalls. Execution requires saying ‘no’ to good ideas that aren’t strategic priorities.
   

At Westpac, these were fundamental challenges we had to address. Strategy wasn’t driving daily decisions effectively. We embedded it into our operating rhythm, KPIs, resource allocation, and used it to focus the work. That’s when momentum started to build.

How do you ensure alignment across teams without creating rigid top-down plans?

Set direction and outcomes, not instructions. I focus on creating a shared understanding of the “why,” aligning on the “what” (the goals), and then teams own the “how.”

I use shared outcomes, ownership guardrails, and fast feedback loops. When people understand the customer impact we are solving for and the metrics that matter, they make better decisions faster than any top-down process could deliver.

What mechanisms or cadences do you rely on to keep strategy and execution in sync over time?

I rely on two types of loops: for direction-setting and delivery tracking.

For direction: Annual planning sets our strategic compass — what we are aiming for. Quarterly reviews ensure we are prioritising the right problems and allocating resources effectively.

For delivery: Monthly operating reviews with demos keep us hottest on pace and progress. Weekly team huddles and ad-hoc problem-solving sessions help tackle immediate blockers.

I also watch for softer signals — when senior leads quietly step back, or when the work feels busy but shallow. Those are early signs of drift, and they matter just as much as the numbers.

Can you share a time when you had to adjust or abandon a strategy mid-execution?

In one of my previous roles, we piloted an AI-powered portfolio manager that looked promising in testing. Strong concept, good prototype, clear business case and support.

But two quarters into deployment, it was clear the impact just wasn’t there. The insights weren’t meaningfully better than existing tools, portfolio teams didn’t fully trust the output, and adoption was slow.

Meanwhile, client engagement priorities had progressed, and other initiatives like reporting automation and improved client portals showed clearer ROI and stronger user pull.

We made the call to pause the AI rollout, redirect resources, and fold the learnings into our broader data strategy and tooling. The pivot was difficult, especially for the team that had put in so much work. But it wasn’t failure — it was intellectual honesty and focus about where we could create most customer value.

What triggered the pivot?

A combination of performance data and a shift in the market landscape and resulting priorities.

The metrics we were tracking — adoption, NPS, efficiency, and qualitative feedback from the portfolio teams — showed limited impact. At the same time, changes in the market made client engagement a higher priority.

The question became: Is this still the best use of our time, talent, and capital? The answer was no — so we made the pivot.

This kind of clarity only comes from frequent, honest reviews and willingness to stop when something isn’t working.

What role should the strategy function play after the strategy is set?

It depends on the organisation, but the best strategy teams don’t step away once the plan is done. They stay close to execution as both steward and challenger:

• Shaping performance frameworks, enterprise KPIs, and challenging execution pace and impact

• Bringing external market perspective to internal discussions

• Stress-testing the current portfolio of work against changing conditions

• Supporting enterprise-level transformation efforts, including piloting new concepts
  

In short, they ensure sharp focus, challenge drifts, and help the organisation stay externally aware and adaptive.