I agree with the decision to keep young talent over older talent. I'm not saying that is the first criterion to go by but it should be one of them below value to the company, skill set, etc.
In a dying industry that no young person wants anymore, how are you going to keep replacing talent to keep the company moving forward? Prioritize your younger talent. They are the future of your leadership. Some older employees on here are fighting to stay up and then weep when they can barely find someone to hire when the industry is on an upswing. That's probably the most selfish thinking that you could have. Honestly, no wonder this company and industry are going to the dogs. In 20 years, come back to me and tell me about how you're doing.
Come at me with relevant rebuttals like adults not by downvotes like children. That'd only prove my point.