Amar Bose, the founder of audiophile's favourite manufacturer Bose Corporation, has surprised the financial world by donating the majority of his company's shares to his alma mater, the Massachusetts Institute of Technology.
Bose graduated from MIT in 1951, leaving with a Bachelor's Degree, Master's Degree, and PhD, before rejoining as a member of faculty in 1956. Despite only intending to spend a couple of years teaching, Bose would be a fixture at MIT's electrical engineering campus until 2001 - even though he founded his audio-centric company, Bose Corporation, in 1964.
While Bose no longer teaches at MIT, he clearly holds the place in high regard, donating the majority of Bose stock to the institution in the form of non-voting shares - which gives MIT a financial boost, without ceding control of the corporation he worked to found.
The shares will be used to deliver cash to MIT each year when Bose Corporation pays dividends to its shareholders, but they don't give MIT any voting rights in terms of how the company is run. Further, the gift comes with a stipulation that the shares are to remain the property of MIT and cannot be sold - meaning that there's no way to flog them in order to make a short-term gain.
"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's president Susan Hockfield during the announcement of the gift. "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," Hockfield went on to claim - pointing to the gift as a way for Bose to continue to invest in the education of future generations of engineers despite his departure from teaching.
Bose has confirmed that he intends to remain in place as the chairman and technical director of Bose Corporation, despite giving away the stock.