Honestly, 40 really isn't that old anymore. By the time you retire, 75 will be the new retirement age, and most people waste their 20s anyways. So you've got 35 of 45 working years ahead of you.
Your engineering degree/work is also related to the mehactronics degree. So it's not like you're starting over in a brand new field.
I would make sure your proposed new degree will actually add something to your employability.
I would also look into business related courses that might get you to the same place or a similar place you want to be. For example, there may be an MBA program that will allow you to transition into a similar or even higher position.
There could also be a 2 years Master's program which will qualify you. Could be better just for the letters and Master's programs tend to be more specialized.
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