In short, it depends very much on the Business Model which your company uses.typically Harvard Business School say there are 4 types , Coordinated, Unification, Diversification & Replication … and what department your IT department is under because of history, e.g. IT department are attached to Finance department because thats were it grew from and it’s ‘to-hard’ to untangle them.
As companies try to attach talent and are try to all solve similar problems and listen to the resources for advice (i.e. Gartner) companies are restructuring themselves bit by bit in very similar ways.
However the CEO can do what he/she like’s, so if he/she wants an IT manager to report directly to him/her then thats just fine! Depends if that person can handle lots of direct reports.