The biggest problem I've seen with this in implementation is that rolling the technical part of any organization under operations is usually disastrous, because ops will generally aim to keep their footprint as small as possible, and do the absolute bare minimum to try and retain talent. It's a model that heavily encourages thinking of technology as a cost center, developers (with domain knowledge) as easily swappable or replaceable units, and vendor SaaS as a preferred solution in almost every instance.
Personally I think having a CIO makes a lot of sense, even if you ditch the CTO, CISO, CDO, CAO panel that is generally subordinate to the CIO anyways.
The first job of an SVP is to stand up to the CEOs when they are pushing for impossible deadlines.
The second job of the SVP is to stand up to CFO when they want layoffs. Or fight for more resources when they are pushed to the limit.
The third job, arguably the only thing that is technical, is to stop your sub coordinate pushing for what ever that is hyped in the industry to be used within your company.
It may sound easy in a small startup, doing the above three things in a large company is easily a full time job.