One stream of research on top management teams examines how the demographic characteristics of top managers influence changes in organizational strategy. The study reported in this paper adds to this research by examining how the socio-political processes of trust and conflict within a top management team, in addition to team demographic characteristics, influence changes in organizational strategy. Results from a study of one hundred and eleven top bank management teams indicate that the depth of cognitive resources present in a top management team negatively influences changes in strategy, while trust among members of the team positively influences changes in strategy.