Role of a CIO at most of the organizations is more of a revolving door and the consequences are high that the person you shortlist for the role may not suffice the purpose well.
Indeed, the problem is big, and being the CFO of the company, you need to constantly try to hire the best candidate. In this article at CFO, Martha Heller explains that the CFOs need to clearly define their needs in the job description of the CIO's role and must form their questions appropriately to know the candidate's efficiency.
Leverage: Finding an effective CIO is not hard as most of the candidates must have gained experience in an IT organization. The CFOs must question their strategy to enhance relationships and improve communication throughout the organization. Also, their plans to develop people with IT and business skills.
Expand: Since the CFOs need a CIO who can streamline operations and bring new IT capabilities to the business, they must trick the candidates to find if they possess strong change-management and relationship-building skills.
Transform: If you wish your IT to be transformational, ensure that your CIO spends enough time outside the walls of the business to investigate solutions. Thus, look within your own industry and shortlist the candidates who have functional experience outside IT.
Pioneer: If being the CFO of the company, you wish to use IT to innovate and change the business, you need to re-engineer products that may directly impact the revenue stream.