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The objective of this study is to test the relationship between principal turnover and the A-F letter grade policy in Arizona. I hypothesize that the implementation of the letter grade policy in Arizona in the 2011-2012 school year has increased principal turnover in the state, particularly in schools consistently rated D and F. I advance the following research questions in my study. First, what is the effect of Arizona’s school letter grade policy on principal turnover, up to 10 years after the legislation was adopted? Second, to what extent do these effects vary by letter grade? Finally, what is the effect of the F grade on principal churn?