Executive Performance and termination

I am the HR Manager for a start up consulting firm and we have 7 Executives in the organization. I do not have much experience in HR Management. My CEO asked about "executive level"(Directors and VPs) performance management and terminations. Are the same standards applied at the executive level that are applied at all other levels? With executives (Directors and VPs), should we follow a performance improvement plan like we would with the other levels. Or, can we manage them to specific (MBOs) and if they are not met, that is grounds for termination?


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