I personally think this discussion of creating another C-level role is premature. What is important is that if taking advantage of social media also means that you have to change the way you do business or how you collaborate internally you need a front figure driving this change. This role must have the ability to work closely with C-level people, or the change will never happen.
In this case I think it's much like any type of business development. At the company I work for we manage this change through a Program. Right now I'm thinking the responsibility of the outcome(s) (read communities) from such program should fall under Products & Marketing - because that's where we find it can really help improve our business.
Originally the program started off from an IT perspective, simply because in our organization it happened to be where the people with the ideas and vision were sitting.
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