This study explores the extant state of art of Public Relations and Corporate Communication as profession in Italy. More specifically it aims to evaluate to what extent large organizations in Italy attribute strategic value to the function of communication, with a particular focus on the degree of its institutionalization and the strategic contribution provided by Italian CCOs to organizational competitiveness and success. To this end, an inquiry was conducted via a quantitative survey that addressed and outlined Communication department features and CCOs’ profile in 300 largest organizations operating in Italy. According to our findings, PR function has established itself within organizational structure, and Italian CCOs have become increasingly involved in strategic organizational decision processes. In their role CCOs serve as strategic advisors to CEOs and other Chief Officers. Additionally, within the most innovative organizations, communication seems to play an extremely pivotal role and is exemplified by CCOs’ high level of involvement in decision-making process. Our study allows us to outline a precise description of current trends within large organizations in Italy in terms of communication function and its role. Thereby the study underlines weaknesses and strengths of Italian CCOs’ role as well as it pinpoints areas that need improvement. Furthermore this study enriches the stream of research concerning institutionalization of PR and strategic communication as well as it provides practitioners and scholars with precise insights into the strategic role of communication and its link with innovation.