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CIO Leading?
In my experience; even in technology-lead businesses, IT Departments very VERY rarely take the lead in process improvements / modifications. Such organisational changes are ususally driven from the very top-down from requirements sent from individual departments.

Think about a sales team's requirements for faster processing of new orders. Do they go to the IT department to ask for a copy of ABC Processing Inc.'s latest off-the-shelf software? No, they route their request up through the ranks to ensure that their request fits in with the business' overall key objectives, financial plans, current / planned processing and organisational structure etc.

When that sales team changes the way they manually process orders and create delays as a result, the MD / CEO will undoubtedly ask "Why the hell was the IT department leading the change in one of our core processes"?

Why is this? Because the IT Department (perhaps CIO-centric) are not the sales specialists of the organisation, the sales team itself is. Change, in a well-structured organisation, comes from the top; from real leaders.

This, of course, is the case regardless of the department requiring process modification and I only use sales as an example.

CIO Leading process change? If thats what happens in organisations you're familiar with, then the top ONE reason such projects fail is because they were given to the wrong person to lead.

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Funny, but I think you may also find Prince2 helps in managing projects PROPERLY.
Updated - 23rd Aug