This article addresses the issue of the industrial performance model and its evolution to cope with the context of Industry 4.0. With its digitalisation, intelligent/autonomous systems and wealth of data, Industry 4.0 offers opportunities that can achieve objectives better. It also presents risks and uncertainties that question the autonomy of the systems, their interaction with humans and the use of available data. The hypothesis put forward in this work is that the efficiency–effectiveness–relevance performance triangle can no longer guarantee long-term performance under these conditions and needs to be associated with an ethical dimension that allows for the risks and uncertainties relating to Industry 4.0 to be considered. Ethics is therefore considered to extend the triangle to a tetrahedron. A brief analysis of current performance management will first show the limits of the current practice in the context of Industry 4.0. The frameworks that could overcome these limits in light of new needs are then recalled and discussed, leading to the choice of ethics, whose main definitions and use in the engineering field are also introduced. The proposed (efficiency–effectiveness–relevance–ethics tetrahedron-based methodology is illustrated through a case study related to an aeronautical supplier, regarding the consequences of the implementation of a MES (Manufacturing Execution System) in terms of product traceability and operator autonomy. The discussion and prospects finally conclude this study.