- In 2016, approximately 35% of Fortune 500 CIOs sit on company boards, according to new data from Korn/Ferry International.
- That’s approximately 30% more CIOs than sat on boards in 2012.
- CIOs are most commonly on boards in the consumer sector, where 50% of CIOs are board members. The healthcare sector was the lowest, with just 31% of CIOs serving as members of the board, up from 27% in 2012.
Given the digital environment in which most companies operate today, professional technology experience can be beneficial for any board. It’s not surprising, then, to see the number of CIOs asked to serve on boards increase, particularly with growing cyberthreats and the reliance on technology to help companies innovate.
Those with tech experience on boards can also help prioritize technology agendas that can help companies remain competitive in the evolving marketplace.
But there is often a lack of technological understanding on boards, which can make technology implementations challenging. Research published in September by Accenture found only 10% of board members on corporate boards of directors have professional tech experience.