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Bose founder donates majority of stock to MIT

The Massachusetts Institute of Technology (MIT) will receive cash dividends, but will be unable to sell its shares and will not participate in the management of Bose.

The Massachusetts Institute of Technology (MIT) will receive cash dividends, but will be unable to sell its shares and will not participate in the management of Bose.

The bequest by Bose Corporation founder Amar G. Bose (pictured) will see cash dividends from MIT’s non-voting shares being used to sustain and advance the institute’s education and research efforts.

Bose Corporation will remain a private and independent company, with Dr. Bose as its chairman and technical director.

Bose has a very long and distinguished association with MIT: as well as receiving his Bachelor’s Degree, Masters Degree and PhD from the institute, he was a member of the teaching faculty until 2001.

MIT president Susan Hockfield commented: “Amar Bose gives us a great gift today, but he also serves as a superb example for MIT graduates who yearn to cut their own path. 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.”

Specific financial details of the arrangement have not been disclosed, although the New York Times, for one, has queried the possible tax implications.

http://web.mit.edu

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