Do you need a Chief Project Officer (CPO)?

I only know one organisation with a CPO and they are doing well since they established the position. Im curious about the experience of others.

I tend to believe that it is time for Project Management to ne recognized at the C-Level. In my experience, the project management organization is tasked with: validating that work aligns with the strategic direction of the company (CEO), financials and financial metrics roll up to the CFO org (this includes capitalization, chargebacks and ROI), company adherence to governance and regulations (Compliance), optimization of resources (HR), long-term planning (Strategy), defining methodologies/processes/metrics to track productivity, tactical management of portfolios/programs/projects for various departments (IT-CIO/CTO, Marketing-CMO, Legal-GC, etc...), etc... If the PM organization can be so heavily integrated with each major area within senior management, why then wouldn't it be part of said senior management team.

My Project Management Oversight Committee is comprised of the C-Level. It seems to me that companies look to the benefits derived from the PM structure but have yet to bring it into the fold to truly grow with additional insights.

I can see where additional bureaucracy can stifle any gains but I believe that the ends far outweigh the means. And for companies that bill initiatives to clients or are simply highly-project focused, having someone in the C-Level that speaks to the revenue generating arm of the company can only assist with better decision making.