Discuss the multifaceted interplay between organizational culture, strategy formulation, and leadership within contemporary business environments. Evaluate how an organization's culture influences the development and execution of strategic initiatives. Analyze the role of leadership in shaping and aligning organizational culture with strategic objectives, considering diverse leadership styles and their impact on fostering innovation, adaptability, and sustainable growth. Furthermore, explore the challenges and opportunities in managing cultural transformations to facilitate strategic change. Provide real-world examples to illustrate successful strategies employed by businesses in aligning their culture, strategy, and leadership to achieve competitive advantage and long-term success.