How do theories of leadership deal with the role of factors such as the individual their characteristics leadership style power and context?

How do theories of leadership deal with the role of factors such as the individual their characteristics leadership style power and context?
Interesting question.
Ther are many leadership and management models and theories (see www.rapidbi.com/created/managementmodels.HTML )
Indeed one of the problems of these and many other models is that they are appled to a situation without thought for the prevailing or existing styles and culture. This is one of the main reasons why change iniatives in business fail (www.rapidbi.com/created/whychangemanagementfailstodeliver.HTML or www.rapidbi.com/created/whybusinessimprovementfailstodeliver.HTML )
Most management models and theories were developed to help managers in a given situation or context to solve a set of problems. The context has changed.
As managers and consultants using such tools we need to take this into account. There is no perfect model - it is about selecting the right model for the right job at the right time.
A good consultant when working with a company will recognise the strengths and weaknesses in individuals and build the strategy around these.
Occasionally it is time to let some people go because they no-longer fit or support the direction (culturally & style) that is required for future sucess. Managers should not feel rejected if this happens as there will always be a more appropriate role for them in another organization.
Hope this helps your thinking
Mike