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Ignatius talks about tenure of chief executive officers (CEOs). He raises questions that board and investors must deal with: How can one tell if a down quarter is a blip or the beginning of a long-term trend? More to the point, how do one know if it's the right time for a CEO to step down? The conventional wisdom, at least among directors, holds that performance in a firm's highest office plateaus just after nine years. To find out whether that's true, James Citrin, Claudius Hildebrand, and Robert Stark of Spencer Stuart tracked the year-by-year financial performance of nearly 750 S&P 500 chief executives and identified a clear pattern of headwinds and tailwinds over their tenure. On the basis of those findings, they argue that "some boards part ways with a strong CEO too early after a predictable and often temporary performance slump, while others tolerate a mediocre performer for too long." They also note that some CEOs enjoy their greatest years of value creation after their first decade in office.