On October 15, 1990, John Sculley (then Apple CEO) introduced the Classic at a press conference, announcing that pricing would start at $1,000 and saying, "To reach new customers, we didn't just lower the prices of our existing products. We redesigned these computers from the ground up with the features customers have told us they value most." Apple's new pricing strategy caused concern among investors, who thought it would reduce profit margins. Brodie Keast, an Apple product marketing manager, said, "We are prepared to do whatever it takes to reach more people with Macintosh ... The plan is to get as aggressive on price as we need to be." After the release of the Classic, Apple's share price closed at $27.75 per share, down 50 cents from October 12, 1990, and far below its previous 12-month high of $50.37.