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MIT majority owner of Bose now

world Updated: May 01, 2011 00:46 IST
HT Correspondent

Amar G Bose, founder owner of the iconic manufacturer of audio system Bose, has gifted majority of the company’s stock to the Massachusetts Institute of Technology where he studied and taught in the 50s and the 60s. MIT now owns the company, but not sufficiently enough to sell it, according to an announcement on Friday.

And it will also not participate in the running of the company, effective control of which will remain with Bose, 81.

The institute will benefit from dividends on stocks transferred to it by Bose.“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,” said MIT president Susan Hockfield.

Bose founded the company in 1964 — he was then teaching electrical engineering at MIT, after having graduated from there in the 50s. It has remained privately owned from the beginning.

Bose’s personal worth is estimated to be $1 billion by Forbes.