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Principals matter for student learning—for both academic and non-academic student outcomes, and school and teacher outcomes known to improve student outcomes. Further, a good principal can have an especially strong impact in struggling schools. Federal education policy has focused increasingly on placing effective principals in charge of low-performing schools, generally by replacing sitting principals with new principals. This paper summarizes the evidence that principals can improve teacher, school, and student outcomes; identifies the skills, knowledge, and characteristics associated with principal effectiveness; and explores the levers most likely to ensure that principals of low-performing schools demonstrate those qualities. In particular, we look at replacing versus growing the principals, in light of research on drivers of principal effectiveness.