It's perfectly normal that a logo starts to look outdated in over decades, so it needs a refresh. In this case, you should aim to keep the most recognizable characteristics of the old logo, so people will automatically know it's the same company when they first see the new logo.
Warning: Be careful before redesigning - Some brands are constantly changing in order to “stay fresh”, but that’s a mistake. Customers stay loyal through habit, not because you've forced something new and unfamiliar on them.
<youtubeEmbed url="https://www.youtube.com/embed/dOIRSqNqAzE" description={"Video: Think Twice Before Updating Your Brand (8 min)"} />✅ Figure: Good example - Although the SSW logo was completely redesigned, you can easily recognize it's the same company because the logo concept didn't change