It has little to do with "shareholder value".

The original sin is paying executives with stocks and especially stock options. It creates catastrophic and corrupting incentive structure.

Their incentive is to raise the stock price long enough to sell some amount of stock options. The company be damned.

There are many examples, but the classic one is Dick Fuld, the CEO of Lehman Brothers. He drove Lehman Brothers into Bankruptcy all while becoming dynastically rich.