That's a serious oversimplification. A CEO doesn't have any duty to maximize profit at all costs. "Shareholder value" includes quite a lot of things that aren't

That's a serious oversimplification. A CEO doesn't have any duty to maximize profit at all costs. "Shareholder value" includes quite a lot of things that aren't directly about that at all. Often, the way to optimize shareholder value is to pass on certain practices that may be technically profitable.