Requires the Joint Legislative Education Oversight Committee to study and make recommendations on implementation of the following initiatives: (1) recruitment of the highest performing leaders for the school leadership administrator role; (2) greater flexibility and autonomy for principals over school-based decisions, including personnel decisions; (3) a compensation plan that will attract and retain principals and assistant principals to the lowest-achieving schools and will reward outstanding leadership at those schools; (4) specialized state professional development for principals and assistant principals that is focused exclusively on turning around the lowest-achieving schools; and (5) strategies for assisting less than proficient principals and assistant principals in improving their work performance and, if necessary, removing them from their positions. Specifies ten items to be considered. Requires a report to the 2016 Regular Session of the 2015 General Assembly, upon its convening.