PIP is usually the pink slip with 2 exceptions: 1. forced ranking. Even if you have the best team in the world, someone will be the last in that team. It can be avoided by rotations if the manager is smart enough. 2. Edge cases. I personally got via transfer a direct report already on a PIP from the previous manager. The short story: the previous manager is a moron (still working in the company, promoted since, failing upwards), that person is fine, working in the company 8 years later, mid-rated.