Bose stock donated to MIT
The founder of Bose Corporation has donated most of the company’s stock to MIT, the university where he received his bachelor’s degree, master’s degree and PhD. Dr Amar Bose gave the stock in the form of non-voting shares and dividends will be ploughed back into education and research at the prestigious establishment. MIT will not be allowed to sell its shares or participate in management or governance of the company.
Dr Bose remains at the helm of the company, retaining his titles of chairman and technical director.
In a news release on its website, MIT explained that Dr Bose, was asked to join the faculty of electrical engineering in 1956 and accepted with the intention of teaching for no more than two years. He remained with the faculty until 2001.
Dr Bose founded Bose Corporation in 1964 and has always pushed a lot of the company’s profits into research and development.
Susan Hockfield, president of MIT, said Bose was a superb example for MIT graduates. “Dr Bose set the highest teaching standards, for which he is still admired and loved by his faculty colleagues and the many students he taught.
“His insatiable curiosity propelled remarkable research, both at MIT and within the company he founded. Dr Bose has always been more concerned about the next two decades than about the next two quarters,” she added.
In a letter to Bose employees, Dr Bose paid tribute to his mentors at MIT: Professors Y. W. Lee, Norbert Wiener and Jerome Wiesner. He said that he wanted the gift to support MIT education and added: “We will continue to remain true to the principles upon which our company was founded.”