This study investigates the relation between corporate performance and the probability of Chief Executive Officer (CEO) dismissal in Australia. Consistent with prior studies based on U.S. and U.K. data, corporate performance is found to be negatively related to the probability of CEO dismissal, using both accounting and market based performance measures for a sample from the top 100 listed corporations in Australia from 1997 to 2004. The findings also indicate that contemporaneous performance measures dominate lagged measures in explaining CEO termination. The study then investigates whether corporate governance mechanisms affect the likelihood of CEO dismissal, by examining their effect on the strength of the negative relation between corporate performance and CEO dismissal. The monitoring mechanisms examined are composition and size of the board of directors, and blockholders of shares. The study also investigates whether CEOs can insulate or entrench themselves from these monitoring mechanisms, by examining whether CEO ownership or CEO tenure weakens the likelihood of CEO dismissal. The results indicate that the corporate governance mechanisms examined do not influence the association between performance and the likelihood of dismissal.