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

Search for Jobs

Index Last Change % Change
Dow 18,339.24 110.94 0.61%
Nasdaq 5,318.55 12.84 0.24%
S&P 500 2,171.37 11.44 0.53%
Treasuries 1.57 0.01 0.71%
Data as of 11:59pm ET
Company Price Change % Change
Procter & Gamble Co 89.46 1.10 1.24%
Bank of America Corp... 15.38 0.09 0.59%
Chesapeake Energy Co... 6.75 0.52 8.35%
Transocean Ltd 10.02 0.60 6.37%
Micron Technology In... 17.44 -0.56 -3.11%
Data as of 4:03pm ET
Sponsors

Sections

California's state Treasurer is suspending its business relationship with Wells Fargo over the next year due to the bank's opening of unauthorized accounts. More

Congressman Scott Garrett (R-NJ) grilled Fed Chair Janet Yellen for another Fed leader's donation to Hillary Clinton's campaign. More

Many of the biggest tech companies are joining forces to establish best practices for developing artificial intelligence. More

A new report assesses the affordability, quality and availability of child care in every state. Connecticut ranks best overall, while West Virginia comes in last. More