"Maximum profitability" still needs a timeframe to judge against. Maximum in the next quarter? Next year? Next decade? Maximizing in short term may harm or prohibit maximizing profits in long term, which would be just as bad (or worse) for shareholders.

Profit in the reporting context refers to the annual measure of net income, so maximum profitability generally refers to the profit generated in a single tax year.

Most corporations try to be profitable over a long term, and there is no requirement to be "maximally profitable" in a single year or over any time period. For every corporation there are judgements over the value of investing in product pipeline, sales, marketing etc. or the value of increasing short-term profits at the expense of long-term, the value of taking a risky action that may pay-off or may bring customer anger and lost sales etc.

The vast majority of single actions that a corporation takes are not mandated under some simplistic view of "maximising shareholder value".