Amar Bose, founder of the Bose corporation, has gifted the majority of his stock to the Massachusetts Institute of Technology to help support their educational and research programs. Under the terms of the agreement, the shares are non-voting, and MIT may not sell them. Instead, they will collect the dividends every time the company makes a payment to stockholders. Dr. Bose graduated from the school in 1951, joined the faculty in 1956, and stayed on in various capacities through 2001
In expressing gratitude for this gift, MIT President Susan Hockfield remarked not only on Dr. Bose’s 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.”
Whatever your opinion of Bose products, there’s no question that the company is very profitable, and that whatever dividends will be paid out are likely substantial, and that can only be good for continuing the amazing work that MIT and its graduates have done for the world, and that’s something for everyone to celebrate.
Via: [MIT News]