Frankly speaking there is no perfect model for recruitment of principals.How ever after recruitment high quality professional development, balanced autonomy and accountability, meaningful interaction with higher authorities and appreciation for principal contribution would help in retention and development
For that selection I think you can check his/her records of works, education, of course experiences of the incumbent, publications, society with whom the incumbent is encircled , etc. I think before the final selection, several times the interview can be taken with a psychological and IQ test.
I agree with Sailesh. There is no best model that can determine the hiring/development of principal. What we need to look into is the school effectiveness factors and SBM (School-based management) area. Why school effectiveness? Some schools may follow certain models (there are 8) for an effective function. Let say, ineffectiveness model is applied, the principal has to consider what is not effective in the school and work to improve them. For SBM, a school should be decentralised to maximise its effectiveness which not only include the principal but also other team like directors, HR, teachers, parents, admin, etc. In my opinion, hiring a principal should include the views of the principal on how to improve the weaknesses in the school and come out with a plan. Beforehand, the school must inform the principal on its weaknesses. A principal who shows some good planning and problem-solving ideas is more convincing to take the post and can be invested on to take future leadership development course.