{"id":410,"date":"2001-10-15T09:14:59","date_gmt":"2001-10-15T13:14:59","guid":{"rendered":"http:\/\/www.gregorbailar.com\/wordpress\/?p=410"},"modified":"2011-11-10T18:58:57","modified_gmt":"2011-11-10T22:58:57","slug":"capital-one-appoints-nasdaq-cio-new-head-of-it","status":"publish","type":"post","link":"http:\/\/www.gregorbailar.com\/wordpress\/2001\/10\/15\/capital-one-appoints-nasdaq-cio-new-head-of-it\/","title":{"rendered":"Capital One appoints Nasdaq CIO new head of IT"},"content":{"rendered":"
\"\"Co-CIO Approach Debated After Change at Capital One;<\/div>\n
Credit card company drops shared job, appoints Nasdaq CIO new head of IT<\/div>\n
BYLINE: Lucas Mearian<\/div>\n
Analysts last week noted that the fledgling co-CIO approach to IT management adopted during the past two years by several companies can be difficult to maintain on a long-term basis.<\/div>\n
The success of co-CIO arrangements was thrown into question this month when Capital One Financial Corp. announced that it was hiring Gregor<\/strong> Bailar<\/strong><\/span> away from his job as CIO at Nasdaq Stock Market Inc. Bailar<\/strong><\/span> will take on sole responsibility for Capital One’s IT operations, which have been jointly run since early last year by two executives — one from the IT department and the other from the firm’s business side.<\/div>\n
A Capital One spokeswoman said the Falls Church, Va.-based credit card company never intended to have its CIO job shared on a permanent basis. Co-CIOs Laura Olle and Marjorie Connelly “stepped up and filled in the position,” she said. “We’ve always been in a search for a [new] CIO.”<\/div>\n
But Capital One’s decision to name co-CIOs in February last year was seen as a groundbreaking move, and the shared job had been touted by Olle and Connelly in interviews and speeches as a sign of the cooperation between the company’s IT and business units.<\/div>\n
Olle, who previously served as senior vice president of IT systems development, and Connelly, who was executive vice president for domestic card operations, couldn’t be reached for comment last week.<\/div>\n
Capital One said the two will remain at the company after Bailar<\/strong><\/span> starts next month, with Olle working for him in IT and Connelly focusing exclusively on business duties.<\/div>\n
Bill Bradway, an analyst at Meridien Research Inc. in Newton, Mass., said all indications are that Olle and Connelly worked well together. But the co-CIO approach has some big flaws, he added.<\/div>\n
“You may have two sprinters, but then you put a potato sack around their feet and you slow them down,” Bradway said. “You end up with divided loyalties, and too much organizational energy gets expended around politicking.”<\/div>\n
“I think the issue is agreeing on what to do [as co-CIOs],” said Larry Tabb, an analyst at Needham, Mass.-based TowerGroup. “It becomes very easy, unless you’re joined at the hip, to play one against the other.”<\/div>\n
Other companies that have named co-CIOs include The Goldman Sachs Group Inc. and Ameritrade Holding Corp. New York-based Goldman Sachs gave CIO Leslie Tortora and e-commerce manager Steven Mnuchin shared IT responsibilities in February. Omaha-based Ameritrade appointed two IT executives as co-CIOs in June after Jim Ditmore resigned as head of technology operations.<\/div>\n
Goldman Sachs declined a request for comment from its co-CIOs last week, but Ameritrade said the dual position it set up is permanent and operating successfully. In an e-mail interview,<\/div>\n
Ray Dury, one of Ameritrade’s co-CIOs, said the shared job requires trust, a strong commitment to working as a team and clearly defined corporate goals. “And it must be the right two people,” he added.<\/div>\n
But IT departments need to be rated against a single set of objectives, “and that’s more difficult to do with two people sharing the top post,” Tabb said. “The buck has to stop at someone’s desk.”<\/div>\n","protected":false},"excerpt":{"rendered":"

Co-CIO Approach Debated After Change at Capital One; Credit card company drops shared job, appoints Nasdaq CIO new head of IT BYLINE: Lucas Mearian Analysts last week noted that the fledgling co-CIO approach to IT management adopted during the past two years by several companies can be difficult to maintain on a long-term basis. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-410","post","type-post","status-publish","format-standard","hentry","category-press"],"_links":{"self":[{"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/posts\/410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/comments?post=410"}],"version-history":[{"count":3,"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/posts\/410\/revisions"}],"predecessor-version":[{"id":413,"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/posts\/410\/revisions\/413"}],"wp:attachment":[{"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/media?parent=410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/categories?post=410"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.gregorbailar.com\/wordpress\/wp-json\/wp\/v2\/tags?post=410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}