A multitude of leadership skillset can bridge the gap.
The “gap” between business and IT is always a hot debate, and the conclusion is also controversial, some say, the gap is definitely shrinking, as IT is gradually becoming engrained into every aspect of business these days due to internet, technology developments etc. The clear cut divide that used to be there between IT and business in the olden days is vanishing fast; the opposite opinion is that indeed the gap is deepened because the “shadow IT”-business bypassing IT oversight to order SAAS service on their own, causes serious governance issue and communication gaps.
Senior leadership team needs to keep on the same page: C-level executives, including the CIO, must be primarily focused on identifying and meeting business goals and objectives. However, they each have different ways of performing in their role. If business leaders aren't IT literate, how will they be able to effectively weave IT to improve/innovate? They know their business best. On the flip side, if IT leaders aren't business savvy, how will they possibly select and implement the right technology to support & align with business goals?
The division between the two "schools" is artificial; is this job of the CIO to break down that barrier? The role of the CIO and other IT leaders is to effectively apply technology solutions to meet the operational/line of business and regulatory needs of the organization and act as the bridge between the bits and bytes of technology and the mission and objectives of the business, support the efforts of other leaders to manage and grow the business itself. Could or should CIOs play the intermediary role? It sounds very logical and obvious, but a CIO does lot more than that. CIOs architect the IT organization for the company, strategize and spends most of the time in designing a roadmap.