Amar Bose gives majority of company stock to alma mater MIT
Gratitude with strings attached that is what I would call the transfer of shares of Bose Corporation to Massachusetts Institute of Technology (MIT) declared by the founder-Chairman of the Bose Corporation. Bose gifted the shares to MIT, the institute where he also studied and learned the technicalities of what he is doing now. The chairman informed the employees of the company about his desire to donate shares to MIT with conditions that the Institute cannot sell the shares and will not have any voting rights in running the company. The company’s running would remain the same that is independent of any outside interference, Bose stated in the letter. However, MIT would receive money from the company in the form of dividend whenever declared proportionate to the number of shares it possesses. He also paid his tribute to his teachers in MIT, who he considers as his mentor truly. He mentioned the names of the professors Y W Lee, Norbert Wiener and Jerome Wiesner. This may not be the last opportunity the MIT receives help from Amar Bose, as he expressed his desire of continuing the principles of company on which it is founded that is sustaining and maintaining MIT’s education and research. Categorically he mentioned that Bose Corporation will remain an independent company with no change in strategy and leadership. That means he will remain the Chairman and Technical Director of the company.
Of course there is reaction from the MIT side. MIT President Susan Hockfield not only thanked him; she appreciated his sense of thinking in terms of education. Bose as a teacher in MIT is admired by one and all, the students and faculty members, said Hockfield. The MIT would benefit from the helpful act of Mr. Amar Bose of Bose Corporation, the company that is pioneer in the field of audio related products.