InfoWorld reports that the rise of the CIO is over - the job is being done in by the reporting requirements of Sarbanes-Oxley:

Because IT has a close relationship with all of a company's data stores, it provides everything the CFO wants to look at, including statutory reporting and analytical capabilities. At Merial, all senior IS directors now report to the CFO.

"Have information on a timely basis, with an audit trail, is what [Sarbanes-Oxley] required us to do. Everything must be traceable to the source," Lerner tells me. While IT is responsible for satisfying the needs for compliance, the CFO is the gatekeeper. So, in January, no more CIO.

I'm not sure what that means in the bigger picture - but it might be a good thing. I've seen an awful lot of projects that went on and on (long after they were obvious failures) solely because IT management couldn't stand up and deal with admitting it. With Sarb-Ox requirements and the CFO on the line, maybe there will be less. Or, human nature being what it is, maybe not :)