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The Most Sought-After C-Suite Role

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THE MOST SOUGHT-AFTER C-SUITE ROLE

CIOs are in high demand and low supply, leading to open seats in this pivotal
operations role. “The pool is just too small.”


Home
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FOR MORE EXPERT INSIGHTS

Craig Stephenson

Senior Client Partner, Managing Director, NA CIO/CTO Practice

Deepali Vyas

Senior Client Partner, Global Head of FinTech, Payments, Crypto Practice

David Armendariz

General Manager, Information Technology, Lucas Group

When the chief information officer departed after giving two weeks’ notice, the
CHRO figured that she’d fill the role in six to eight weeks. She called a couple
of recruiters, who shared some distressing news: if she was lucky, the job
search would take six months—and while that was going on, the firm would need an
interim CIO.

A CIO shortage is brewing at the highest reaches of the information-technology
job ladder. Demand for skillsets encompassing technology, information, and
security grew by 83% from 2020 to 2021. When a CIO departs, a replacement may
not be immediately forthcoming. “Not having someone at the helm for six months
can have a significant negative impact on the organization as a whole, with
dramatic results,” says David Armendariz, general manager of information
technology at the Lucas Group, a Korn Ferry company. “But because of the speed
and significance of these projects, not having someone in the seat is
irresponsible.” Interim CIOs are being swiftly put in place to prevent security
breaches of networks, emails, and firewalls, which can leak, say, a
half-century’s worth of data.

Some CIOs happily abide by succession plans, faithfully grooming successors and
advising them for years to come. But others, after two years of an exhausting
pandemic, are simply leaving with little advance notice. “They don’t want to
bottleneck the org chart, so we’re seeing some transition onto public company
boards,” says Craig Stephenson, managing director of the North America CIO/CTO
practice at Korn Ferry.

The complexity and sophistication of information systems has grown exponentially
in recent years. “In the past, if a CIO left, you could have a manager or
director step in temporarily,” says Armendariz. Today, the job skills required
are unique—expertise in infrastructure technology and data and analytics, along
with emotional intelligence and an interest in leading teams. “Everyone is
looking for this unicorn skillset in a CIO these days,” says Deepali Vyas,
global head of the FinTech, Payments, and Crypto practice at Korn Ferry. “The
pool is just too small.”

There is no easy solution, but a key strategy to avoiding a future scramble for
a CIO is to clearly define the current role and how it will shift in the next
few years, say experts. But many companies fail to do this. “From an
organizational standpoint, companies are still trying to figure out how the CIO
role has evolved and what it covers,” says Vyas. Experts say that clearly
articulating the role facilitates filling it or, as needed, parceling out its
responsibilities.

Succession planning is essential, experts note, for both CIO and interim CIO
roles. Preparation often involves rotating through departments related to
software, security, and engineering, plus development around enabling business
strategy and interacting with auditors and regulators. Without that training,
the person one rung down might not be able to step in on short notice. “We’re
seeing clients spend more time on development, to ensure that executives are
ready for the role when it arrives,” says Stephenson. “But these situations are
not always perfect.”

Read more This Week in Leadership articles

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