"I had to admit that I believe the role as we know it would disappear at many companies—and in the not-too-distant future." - Shopping for a Future by Asiff Hirji's in CIO.com
"As technology leadership becomes a competency required for any senior executive at the management table so the traditional CIO role disappears and the role of "head of manufacturing" in Financial Services and the hybrid supply chain technology role in Consumer Goods emerge. The source of these executive is diverse and more difficult to source. The CIO role is becoming a viable stepping stone to the CEO role. CIO experience will become as valuable as that of CFO." - Kelvin Thompson, co-Head of Global CIO Practice and Head of Innovation at Heidrick & Struggles
I think this would depend on the industry and as roles evolved based on the complexity of the business. The CIO role in the past had been dubbed as the subject matter expert in technology but that has changed with some getting involved with business and project management. Now organizations see the CIO as business savvy that knows the industry, and can provide project and IT management.
Just my 2 cents.