Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Bose donates most of his company to MIT

Amar Bose By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney) -- Successful entrepreneurs often donate generously to their favorite causes, but here's a new twist: Amar Bose is essentially donating his company to his alma mater.

The Massachusetts Institute of Technology announced Friday that Bose, the 81-year-old founder of the sound system company that bears his name, has donated the majority of Bose Corp.'s stock to the school.

The donation is in the form of non-voting shares, MIT said. The monetary value of the shares were not disclosed, and MIT cannot sell its Bose shares. The school will not participate in the management or governance of the company, but it will receive annual cash dividends on its shares when Bose pays them out.

A spokeswoman for Bose said the company will remain privately held and "operate as it always has." She declined to comment further on the gift.

"Dr. Bose has always been more concerned about the next two decades than about the next two quarters," MIT president Susan Hockfield said in a prepared statement. "[He] has asked us not to shine too bright a spotlight on him today. So to honor that wish, let us simply celebrate Dr. Bose's profound belief in the transformative power of an MIT education."

Bose received his bachelor's degree, master's degree, and Ph.D in electrical engineering from MIT. He also taught undergraduate electrical engineering at MIT from 1956 to 2001, maintaining a faculty role at MIT long after his 1964 foundation of founded Bose Corp.

Bose currently employs about 9,000 staffers and is a major economic force in its hometown of Framingham, Mass. The company is known for its high-end speaker systems and headphones. To top of page

Index Last Change % Change
Dow 17,400.75 -610.32 -3.39%
Nasdaq 4,707.98 -202.06 -4.12%
S&P 500 2,037.41 -75.91 -3.59%
Treasuries 1.58 -0.16 -9.20%
Data as of 11:28am ET
Company Price Change % Change
Bank of America Corp... 13.00 -1.04 -7.41%
Microsoft Corp 49.83 -2.08 -4.01%
Ford Motor Co 12.52 -0.88 -6.57%
General Electric Co 29.82 -1.37 -4.39%
Micron Technology In... 13.21 -0.84 -5.98%
Data as of Jun 24
Sponsors

Sections

Barnes and Noble announced plans to start selling alcohol in some of its stores. And shares of the bookstore chain rallied on the news while the rest of the market was down on Brexit fears. More

The U.K. voted to leave the European Union on Thursday. The vote could affect Americans in a litany of ways. More

Startup Spark examined the effects that political candidates had on the human brain and nervous system using a device called BrainWave. Here's what it found. More