Maybe they assume someone with 12+ years of experience would demand a higher salary than they can offer? They might identify such a candidate with a C-level position like CTO more than a VP position. I don't really know; I'm just trying to come up with a non-ageist explanation.
It might not be any different from how someone with 5+ years of experience normally wouldn't be considered for junior roles.
It might not be any different from how someone with 5+ years of experience normally wouldn't be considered for junior roles.
Or it might just be ageist.