Although a number frameworks of strategic roles of IT have been proposed, empirical validation of these frameworks is negligible (Earl, 1987). Furthermore, many authors have argued for variation in strategic roles of IT across industries based on 'information intensity' (Porter and Millar, 1985) and 'utility of IT' (Johnston and Carrico, 1988). Similarly, others have argued for the evolution of strategic role of IT over time (Gibson and Nolan, 1974). However, except for a few exceptions (Jarvenpaa and Ives, 1990, Drury, 1983) empirical validations of these claims are sparse. The objective of this study is to provide some much needed empirical research to study the IS-Strategy interface by validating the above claims. We shall do this by developing a framework for the strategic role of IT and use it as the basis for content analyzing CEO's statements in annual reports.