Purpose: Principal demotion is recognized as a signal of principal ineffectiveness and often coincides with other school-level challenges, but little is known about the demoted principals or their school contexts. This study therefore investigates the demography and timing of principal demotion in order to assess whether it is a differential experience by race and gender. Design/methodology/approach: We used an administrative dataset from Texas spanning 1999-2017, inclusive of all administrators (principals and APs), which contains 10,417 observations. We identified all direct demotions from principal to assistant principal within each district, excluding principals who left their district, or made other career moves that year. We used both logistic regression and survival analysis to test the overall likelihood of demotion as well as the likelihood in each time period. Findings: We find that principals who are demoted to an AP role are more likely to be Black and Hispanic, and to work in schools with higher proportions of nonwhite students and students who are FRL-eligible. Principals in rural schools are much less likely to experience demotion overall, and those who do experience demotion are more likely to switch districts than their urban counterparts. Principals of color are more likely to experience demotions early in their principalships. Finally, we find that experience matters: for every additional year of experience in the assistant principal role, the odds of that principal experiencing a demotion decreases by 17.5%. Research limitations/implications: This article therefore contributes to a burgeoning literature base which examines the career pathways of school leaders such as principals and assistant principals. Diversity, construed broadly but especially racial diversity, is beneficial for all students and has particular benefits for the learning, wellness and belonging of students of color. Our study finds that demotions threaten the durability, sustainability and equity of the school leader labor force. Originality/value: This article therefore contributes to a burgeoning literature base which examines the career pathways of school leaders such as principals and assistant principals. Diversity, construed broadly but especially racial diversity, is beneficial for all students and has particular benefits for the learning, wellness and belonging of students of color. Our study finds that demotions threaten the durability, sustainability and equity of the school leader labor force.