2011-05-02
Amar Bose ’51 makes stock donation to MIT
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.
Dr. Bose received his bachelors degree, masters degree and PhD from MIT, all in electrical engineering. He was asked to join the faculty in 1956, and accepted with the intention of teaching for no more than two years. He continued as a member of the MIT faculty until 2001, making important contributions to the Institutes teaching of undergraduate electrical engineering.
In 1964, Dr. Bose founded Bose Corporation. From its inception, the company has remained privately owned, with a focus on long-term research. Learn about the company here.
In expressing gratitude for this gift, MIT President Susan Hockfield remarked not only on Dr. Boses generosity, but also on his humility. 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.
Dr. Bose, Hockfield continued, has asked us not to shine too bright a spotlight on him today. So to honor that wish, let us simply celebrate Dr. Boses profound belief in the transformative power of an MIT education.
In a letter to Bose Corporation employees, Dr. Bose paid tribute to his mentors at MIT: Professors Y. W. Lee, Norbert Wiener and Jerome Wiesner. He explained that the gift represents his long-held desire to support MIT education, and reaffirmed the companys mission to play for the long run.
We will continue, Dr. Bose wrote to his employees, to remain true to the principles upon which our company was founded.
Bose: www.bose.com
MIT: http://www.mit.edu
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