I've been asked "What path should the CIO take?"
Many will adapt to the changes and hence there is no significant difference. They can stay where they are.
Others will end up taking a path to Career is Over. By that I mean some non strategic CIOs are under assault from Chief Digital Officers (basically code for a strategic CIO) and Chief Marketing Officers. There is no good reason for past CIOs to lose their position or status but that will happen if they fail to adapt.
Some are destined to become Chief Inertia Officer i.e. fighting a rearguard action to protect the existing estate without adapting. I suspect many are looking for justification, a quick fix answer and a compromise with the CDO / CMO e.g. "you do innovation, we will do operation". I also suspect that's why some like the idea of bimodal. Lipstick on a pig we call it.
A few will find a path into a more strategic role - the Chief Intelligence Officer. Most companies (and it's not just IT) have little to no situational awareness of their environment. Most "strategy" is meme copying others mixed with gut feel and bias. There's an opportunity to understand the landscape better and by that I mean not only the IT estate but also the business. You can help change how the game is played. I know as I've not only done this before but I've seen it done by others. There is opportunity here. Most companies I meet have a desperate need to understand their environment.
So, I'll leave you with three posts from Mark Thompson that I find worth reading :-
Once you've finished those, here is a post on how to get started with mapping.
That's enough to get you on your journey. Good luck in whatever path you decide.