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Today's business in medium and large organizations is to process nothing but information. (Even if organizations produce tangible items, they will use machines which are information-controlled.) With reference to my blog post "Who is responsible for Master Data?", I like to emphasize the CEO's responsibility for Master Data as well as the C-level-managers' / VPs' responsibilities for the information that is created, updated and deleted in their respective business unit.
That may sound absurd to some, as it alters the business managers' traditional role, but it is preferable to reorganize existing business units and responsibilities instead of adding another layer such as a CDO which only contributes to confusion and conflicts.