It sounds like part of the natural progression in the life of a leaf. Some of the small leaved rhododendron have a fall foliage that is said to be bronze or red. In any case when the leaves get 2 or 3 years old they turn yellow and fall off.

Yellowing and dropping of leaves is normal toward the end of the second summer on the small-leaved lepidote rhododendrons. These should have dense enough habit that this doesn't matter. The larger-leaved elepidote rhododendrons keep their leaves for 3 or 4 seasons. Like all evergreen plants, rhododendrons and azaleas periodically lose some of their foliage, and the leaves may turn yellow, red, or purple before they fall. Often the only leaves that remain are those that surround the flower buds at the tips of the branches. This characteristic is linked to the genetics of the parents used to breed garden azaleas. The degree of leaf coloration or loss is a function of parentage and not the severity of the winter. In unusually cold winters, certain azaleas may lose more leaves than they would in mild winters.

Thank you, rhodyman. Your note was very reassuring and makes sense.