Schratboy is a little harsh but, I think, on right track. The CEOs can't do everything by themselves but that's why business functions as security and even infrastructure (corporate) capacity planning should actually be vertical, not CIO tasks. Not always possible in small companies but even there it is possible to some extent with creative thinking.

Yes, after seeing hundreds of CIOs in companies I have worked, in customers and in vendors I would agree that most are well aligned with business but not all! Now, unfortunately being aligned with business requires a lot of time, effort and politics(!) and doesn't leave much time to handle all IT issues or assumed IT issues so that side may suffer no matter how good a person is. It also increases the burn rate very fast, not very good for a company if someone on that level changes very often or leaves when just overwhelmed by all the responsibilities.