For example: If I'm hiring a business-development guru, or a new CEO, I'd want to see a track-record of long-term performance and value given to their former employers. Wanting to see 5 years doesn't seem unreasonable in that situation. The value they bring is over the long term, I probably won't see a return on investment from hiring this person until a few years in, so I should make sure they have long-term horizons.
Then again, if I'm hiring a rockstar engineer, I'd be much much more concerned about their overall performance and work-ethic than their longevity (because I'd be happy to have them on the team for however long they want to stick around). If all they want to do is come in for 6 months and crank out some projects and leave, I'll probably still be grateful to have them for that time. Their value is short-term, their value is delivered (and I get a return on my investment) every day, with every commit and every deployment.
I think it depends on how you're framing the value the position brings to the company.