It is so much needed by you and me. Respect experience because it is unique to each person. Some are rich in experience while others are a little hesitant to jump into the world to see and therefore end up poor in it.
We learn to respect and acknowledge experience beginning from our parents and grandparents. It is their experiences that teaches us and moulds us to what we are.
Even at your workplace, the more the experience at the job, the better you are. Wisdom comes through experience. Those who have experience in whatever field they maybe in must be Highly appreciated and respected.
Therefore friends, do not scoff at that experienced person sitting on that most coveted chair, instead learn from him/her. There will be something during that learning process which will ignite knowledge that maybe of value to not just you but to everyone.