Educator turnover is problematic for schools. Building principals are exiting school buildings causing systemic inconsistencies that lead to negative perceptions of school culture as well as decreases in student achievement. Universities are working to analyze, understand, and redevelop principal preparation programs (PPPs) to support school leaders, and the skills needed to increase their self-efficacy to lead diverse populations of students today. Some universities are restructuring PPPs to better address the skill deficits of principal candidates; this reimagining of candidate preparation has led to residency-based programs that combine traditional course seat time with experiential learning within schools. This chapter highlights the value of principals in schools today and the challenges presented when they leave their positions due to decreased self-efficacy. The chapter then presents the core components of a principal residency program (PRP). Finally, the chapter concludes by sharing recommendations for universities as they consider reimagining their current practices.