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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,424.85 162.29 1.00%
Nasdaq 4,086.23 52.06 1.29%
S&P 500 1,862.31 19.33 1.05%
Treasuries 2.64 0.01 0.34%
Data as of 4:22am ET
Company Price Change % Change
Bank of America Corp... 16.13 -0.26 -1.59%
Facebook Inc 59.72 0.63 1.07%
Yahoo! Inc 36.35 -0.02 -0.06%
Intel Corp 26.93 0.16 0.60%
Alcoa Inc 13.42 0.37 2.84%
Data as of Apr 16
Sponsors

Sections

The company continues to struggle with convincing marketers to pay as much for mobile ads as they do for desktop ads. More

Indian markets are riding high as investors bet that an election and new administration will cure some of the country's economic ills. More

The company continues to struggle with convincing marketers to pay as much for mobile ads as they do for desktop ads. More

Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More

Pamela Knighton, a 51-year-old social worker from Cuthbert, Ga. who earns less than $25,000 a year, had been really looking forward to her $4,300 tax refund last year. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.