Amar Bose gives majority of company stock to alma mater MIT

Monday, 02 May 2011, 15:26 IST
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Amar Bose gives majority of company stock to alma mater MIT
Boston: Indian-American billionaire Amar Bose, founder of the iconic Bose Corporation, has given his alma mater MIT a majority of the stock of his audio equipment maker company, a gift that fulfills his "long-held desire" to support education at the prestigious institute. Massachusetts-based Bose Corp will continue to remain a private and independent company and MIT cannot sell its Bose shares. "Dr.Amar Bose has given to MIT (where he also taught) the majority of the stock of Bose Corporation in the form of non-voting shares," the Massachusetts Institute of Technology said in a statement here. In a letter to Bose Corporation employees, the company's founder paid tribute to his mentors at MIT -- Professors Y W Lee, Norbert Wiener and Jerome Wiesner. According to sources from Wikipedia, Amar Gopal Bose, born November 2, 1929 is an American electrical engineer, sound engineer and billionaire entrepreneur. He is the Founder and Chairman of Bose Corporation. Amar Gopal Bose was born and raised in Philadelphia, Pennsylvania.After graduating from Abington Senior High School in Abington, Pennsylvania,Bose enrolled at Massachusetts Institute of Technology, graduating with a B.S. in Electrical Engineering in the early 1950s. Bose spent a year in Eindhoven, Netherlands, in the research labs at NV Philips Electronics and a year in New Delhi, India, as a Fulbright research student. Following graduation, Bose took a position at MIT as an Assistant Professor. He focused his research on acoustics, leading him to invent a stereo loudspeaker that would reproduce, in a domestic setting, the dominantly reflected sound field that characterizes the listening space of the audience in a concert hall. Bose was awarded significant patents in two fields which, to this day, are important to the Bose Corporation. These patents were in the area of loud speaker design and non-linear, two-state modulated, Class-D, power processing. To found his company in 1964, for initial capital, he turned to angel investors including his MIT thesis advisor and professor, Dr.Y.W.Lee. In the year 2001, SiliconIndia conferred Dr.Amar Bose with the 'Life time Achievement award'. In the year 2007 (Forbes 400), he was listed as 271st richest man in the world, with a net worth of $1.8 billion.In 2009, he had dropped off the billionaire list, and made it back onto the list in 2011, with a net worth of $1.0 billion.
Source: PTI
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