On August 6, 1997, a keynote event was held at Macworld Expo Boston in which Steve Jobs introduced the new Apple Board of Directors and announced a deal with Microsoft in which the two companies agreed to cross-license technology in exchange for Microsoft's commitment to continue developing software such as Microsoft Office for the Mac and an investment of $150 million in Apple non-voting stock. In return, Apple also agreed to include the Microsoft Internet Explorer web browser by default with future Mac OS releases for the next 5 years. Though the joint announcement and Bill Gates' appearance on live video were met with shock, the investment from Microsoft helped save Apple from bankruptcy.