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Stock Market Reaction to Chief Data or Digital Officers Appointments

The chief digital or data officer (CDO) manages big data, analytics, and new information strategies in organizations. CDO appointments are strategic, and we ask the question on whether announcing such appointments affect a broader market reaction. Our results show that although the stock market reaction is generally neutral to newly created CDO positions, it does react positively under certain conditions. The reaction is more positive when firms have strong growth prospects and do not have existing chief information officers (CIOs). The market also reacts positively to an outsider CDO when CIOs are absent. Using these findings, we argue firms need to effectively communicate the need and value of CDO positions and to ensure that they do not muddle CDO and CIO responsibilities.