Amar Bose, Founder of Bose Corporation, today announced that he has decided to give majority of his company away to MIT (Massachusetts Institute of Technology), his alma mater.
A generous gift Image Source: Forbes.com
In a post on the MIT website, it is said that Bose has given away a majority of the stock of Bose Corporation in the form of non-voting shares. MIT will receive dividends from those shares as and when paid by Bose Corporation. The money received will be used by MIT for the advancement of MIT’s education and research.
On hearing the news, MIT President Susan Hockfield said, “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. Amar Bose earned his Bachelor’s degree, Master’s degree and PhD from MIT in electrical engineering and joined as faculty in 1956. He founded Bose Corporation in 1964 and has since then been highly regarded with it comes to audio devices.
Published Date: May 02, 2011 10:32 pm | Updated Date: May 02, 2011 10:32 pm