Why do some employers value education over experience?

My supervisor has nearly seventeen years of experience with the company, but he has been routinely passed over for a promotion because the company wants someone with a bachelor's degree to fill the management roles. It's crazy because he actually subs into those positions when managers go on vacation, and... show more My supervisor has nearly seventeen years of experience with the company, but he has been routinely passed over for a promotion because the company wants someone with a bachelor's degree to fill the management roles. It's crazy because he actually subs into those positions when managers go on vacation, and he's had to train the people moving above him on how to fill those roles.

Why would a degree have more value to an employer than simply advancing an experienced employee who is already qualified for a position?
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