Especially if you purposefully ignore the middleground (1930-1980) when shareholders existed but labor also held significant power. Lots of people remember this, it was the post-War boom we continually hear people longing for.

I believe the comment was about the idea of enhancing shareholder value which has been the dominant philosophy since about 1980. Notably, wages have stagnated since 1980 [1].

[1] https://commons.wikimedia.org/wiki/File:Real_GDP,_Real_Wages...