Bose Corporation will remain private and independent; dividends will sustain and advance MITs mission
Dr. Amar Bose 51, Bose Corporations Founder, has given to MIT the majority of the stock of Bose Corporation in the form of non-voting shares.
MIT will receive annual cash dividends on those shares when dividends are paid by Bose Corporation; those cash dividends will be used by MIT to sustain and advance MITs education and research mission.
Under the terms of the gift, MIT cannot sell its Bose shares and will not participate in the management or governance of the company. Bose Corporation will remain a private and independent company, and operate as it always has, with no change in strategy or leadership. Dr. Bose will remain Bose Corporations Chairman and Technical Director.