Shareholder value is important in both settings.  you point out that the private equity guys may be very short term because they want to make their money as quickly as possible, improve the company and sell it.  Yet further up thread someone comments on the pressure on public companies to make quarterly projections, and points out the temptation to eschew the long term to improve the short.

you find good people and good leaders in both settings, imho, and the opposite as well.  personally, I don't find a conflict between investor and employee goals.  well motivated and well paid employees build unbelievable companies.  and leadership, ceo's, should easily be able to make that point to investors,,,and drive for great results.  there is not conflict with customers either--innovate, give them quality and service, and they will flock to you.  this can be done by private companies and public companies.  but it takes strong leadership with intellectual depth, good ethics and values--qualities not always easy to find, + a ton of other qualities.