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Extending the Lifecycle of a CIO

A Fortune 500 CIO was reportedly let go when their company spent more than $10 million on a new application without a formal specification and design.  A system vendor spent $500,000 on a single benchmark and then insisted the customer foot the bill when they selected another supplier.  A European bank underestimated their geographical distances for data replication and refused to pay their IT vendor for $5 million of product required to fix the error.  A financial services organization in New York failed to meet their SLA commitments to one customer and was forced to spend $25 million on a new platform.  Increasingly stories like these abound and the cost in terms of business disruption is growing exponentially.  Why are so many new IT deployments increasingly ending with such disastrous outcomes?