I have always believed that it is not the number of years of experience, but the number of situations faced and handled in those years that count.
Try working for 2 years in a 0-1 setup or spending 2 years in the hypergrowth stage of a startup and you'll know a lot more than someone working for 5+ years in a large org.
With all due respect, I disagree with the limit of 40 years. What do you think the world would look like if Richard Stallman, Linus Torvalds, Guido van Rossum, Leslie Lamport, and others stopped working in tech after 40? You've likely had a few poor experiences with leaders above 40. But that doesn't warrant a generalization that all leaders above 40 are incompetent.
Cheers!