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The fixed length of the presidents term serves a valuable purpose. It allows them to make unpopular decisions, and makes them removed by one step from the "ignorant tyranny of the masses". In the same way that lifetime judgeships allows judges to make ethically responsible, but unpopular, decisions (Brown v. Board of Education) without fearing for their immediate removal, so the Executive office must have the ability to make decisions that are clearly necessary, but may be unpopular (annexing Canada) without fear of immediate removal from office.
If their mismanagment is truly egregious, the impeachment process exists to remove them from office immediately. This is, and should be, a very difficult thing to do.
-sm
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