While I can understand the reasoning of letting new managers in, it sounds pretty brutal. Imagine you helped the company to make billions and be a market leader and the result is that the CEO starts excluding you from meetings because you represent old success.
Like with age discrimination, a company should be able to judge people by character, not just by CV or age.
For me it sounds more like judging by past success. Just because someone successfully built a DVD business doesn't mean they cannot help to build a streaming business. Excluding people who were successful with "old" technology usually just leads to age discrimination.
Like with age discrimination, a company should be able to judge people by character, not just by CV or age.