This study uses multivariate analysis of a large panel dataset to examine the determinants of principal retention (and, thus, the determinants of attracting a principal away from her current position). The empirical model incorporates measures of a principal's traits and of the organizational structure, culture, and situational context within a school. The discussion focuses on (1) the impact of salary, school characteristics, and principal traits and on (2) their associated policy implications. Evidence from the study suggests that schools with higher proportions of at-risk students and less-qualified teachers are disadvantaged with respect to their ability to retain (and attract) principals. At the same time, the evidence suggests that higher salaries can be used to compensate for these disparities. (Contains 3 figures and 13 tables.)