What to do with a quiet underperformer
The person who is not failing, not improving, and has been that way for two years.

Clear underperformance gets handled. The harder case is the person who does enough, breaks nothing, and has been coasting for long enough that the team has organised itself around them.
Everybody knows. Nobody says. And the strongest people on the team read the situation accurately: this is what the standard actually is.
Establish what is true first
Before any conversation, get specific. What is the expectation for the level and what is actually happening. Compare against peers at the same level, not against your best performer. Check whether the person has been given work that allows them to succeed, because a decade of being handed maintenance tasks produces this pattern in perfectly capable people.
Then say it plainly, once
The conversation that has never happened is usually the intervention. Not a formal process. A clear, private, unhurried statement that the current level of contribution is below what the role requires, with two or three examples, and a genuine question about what is going on.
People are frequently shocked. That is a damning fact about the previous four years of reviews, and it means the first conversation must be followed by a written summary so it cannot be forgotten.
Give a real chance with a real deadline
Three months, specific outcomes, fortnightly check ins, and support that costs the company something: training, a different assignment, a mentor. If the support is nominal, the process is theatre and everybody knows it.
Decide, and do not drift
At the end, one of three things is true. They improved, in which case say so clearly and mean it. They did not, and the role is wrong but the person is not, in which case an internal move is often the best outcome for everyone. Or it ends, handled properly and with dignity.
The failure mode is a fourth option: another quarter of watching. That is the option that costs you the good people who are still waiting to see whether standards are real.