The biggest problem I've seen with this in implementation is that rolling the technical part of any organization under operations is usually disastrous, because

The biggest problem I've seen with this in implementation is that rolling the technical part of any organization under operations is usually disastrous, because ops will generally aim to keep their footprint as small as possible, and do the absolute bare minimum to try and retain talent. It's a model that heavily encourages thinking of technology as a cost center, developers (with domain knowledge) as easily swappable or replaceable units, and vendor SaaS as a preferred solution in almost every instance. Personally I think having a CIO makes a lot of sense, even if you ditch the CTO, CISO, CDO, CAO panel that is generally subordinate to the CIO anyways.