We've all noticed that CIOs are acquiring responsibilities outside of IT. Examples include David Johns of Owens Corning (CIO and chief supply chain officer), Sheleen Quish of Ameristar Casinos (CIO and SVP of HR), and Karl Salnoske of GXS (CIO and EVP of service delivery).
But an even more interesting dual role has emerged that I call the "CIO squared"—the combination of chief information officer and chief innovation officer. Examples of the CIO squared include Tim Stanley, former CIO and senior vice president of innovation, gaming and technology at Harrah's Entertainment; and Ben Allen, who is both chief innovation officer and chief information officer at the professional services firm Marsh and McLennan.
The chief innovation officer position is less than a decade old, and most companies still don't have one, so there's certainly no predetermined place within the corporate structure where the role should be located. The position is meant to ensure that there's someone to shepherd innovation activities (ideas, processes and incentive programs) and be responsible for the success or failure of innovation.