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A chief strategy officer is an executive, that usually reports to the CEO, and has primary responsibility for strategy formulation and management, including developing the corporate vision and strategy, overseeing strategic planning, and leading strategic initiatives, including M&A, transformation, partnerships, and cost reduction. Some companies give the title of Chief Strategist or Chief Business Officer to its senior executives who are holding the top strategy role.
The need for a CSO position may be a result of CEOs having less time to devote to strategy and/or to CEO's with less experience with developing strategy along with uncertain and increasingly complex global environments. All of these factors increase the need for professional strategy development. As a result, the position can be seen in fast moving Tech companies, Entrepreneurial Tech Startups, academic, nonprofit and corporate organizations. In recent years, the CSO position increased in popularity in highly professional companies with significant growth and scalability ambitions, which is reflected by the high number of US tech companies who created CSO positions in their top management teams. According to a 2013 IBM survey, 67% of CEOs named the CSO as a crucial role–second only to the CFO, and more recent examples and studies by major recruiting firms have shown that CSOs had the highest growth in C-Suite positions being directly elevated to the CEO position.
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