Yep. They just went through this at a company where I was a Middle Manager. I retired in 2016 at 56.
Two short years later, after my well-trained underlings did a bang-up job and made a LOT of money for them it was, OUT with the ‘old’ and in with the cheap & clueless, ‘new.’
It was awful, but everyone laid off survived and is better off for it, now. Our area is clamoring for workers of any age with actual ‘skills.’
Happened at my husband’s company. They laid off a bunch of experienced employees a and replaced them with youngsters. It was amusing when a couple of months later an exec sent out an email telling everyone not to make so many mistakes. Served them right. Of course, none of the bigwigs lost their jobs. They even got bonuses for cutting expenses.