Who owns Bose Coporation?

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Bose Corporation is majority owned by the Massachusetts Institute of Technology.

Founded: 1964
Country of origin: USA
Industry: Audio electronics
Owner: Massachusetts Institute of Technology (Majority)
Type of Company: Private
Headquarters: Framingham, Massachusetts, USA
Website: www.bose.com

Bose Corporation is an American company specializing in audio equipment, known for its home audio systems, noise-canceling headphones, professional audio products, and automobile sound systems. Founded in 1964 by Amar Bose, the company is renowned for its innovative sound technology and research-driven approach to audio solutions.

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Current Ownership

The majority of Bose Corporation’s shares are owned by the Massachusetts Institute of Technology (MIT). This ownership arrangement began in 2011 when Amar Bose, the company’s founder, donated the majority of the firm’s non-voting shares to MIT, his alma mater. However, the conditions of this donation stipulated that MIT could not sell these shares and was not permitted to participate in the company’s management and governance.

Bose Corporation History

  • 1964: Dr. Amar G. Bose, an electrical engineering professor at MIT, founded Bose Corporation after being disappointed with the sound quality of a stereo system he purchased.
  • 1966: The company’s first product, the Bose 2201, was released. It featured an unconventional design with 22 speakers, but it was not successful in the market.
  • 1968: Introduction of the Bose 901 stereo speaker system, which used a novel design to achieve a dominance of reflected over direct sound in home listening spaces. This product became a commercial success and contributed significantly to the company’s growth.
  • 1970s: Rapid growth of Bose Corporation, with the Bose 901 model becoming a mainstay of the company’s lineup for many years.
  • 1980s and 1990s: Expansion into various audio markets, including car audio systems and noise-canceling headphones.
  • 1991: A team of Bose researchers debunked a cold fusion experiment, showcasing the company’s commitment to scientific research.
  • 1993: Opening of the first Bose retail store in Kittery, Maine.
  • 2000s: Continued innovation and expansion into new markets, including home theater systems and professional audio solutions.
  • 2011: Amar Bose donated the majority of the company’s non-voting shares to MIT, making the institute a major shareholder.
  • 2013: Amar Bose passed away, marking the end of an era for the company. Following his death, there were changes in the company’s leadership.
  • 2010s-2020s: Introduction of new products like wireless headphones and smart speakers, adapting to the changing landscape of digital audio and streaming services.
  • 2020: Announcement of the closure of all Bose retail stores in North America, Japan, Europe, and Australia, transitioning to a focus on online sales and partnerships with other retailers.

Current Leadership

  • Lila Snyder: Chief Executive Officer

Senior Leadership

  • Greta Bouley: General Counsel and Corporate Secretary
  • John Brosnahan: Chief Financial Officer
  • Raza Haider: Chief Product and Supply Chain Officer
  • Laura Cooley Johnson: Chief People Officer
  • Rashaan Josey: Senior Vice President, Automotive
  • Kevin Manzolini: Chief Engineering Officer
  • Jim Mollica: Chief Marketing Officer
  • Nick Smith: Senior VP, Strategy, Business Dev & IT
  • Randy Wick: Chief Sales Officer

Board of Directors

  • Bob Maresca: Chairman of the Board
  • Herb Batchelder: Director
  • Patrick Rondeau: Director
  • Hau Thai-Tang: Director
  • Laurie Yoler: Director
  • Sherwin Greenblatt: Director Emeritus

Major Competitors

Sonos

Known for their high-quality home audio systems, wireless speakers, and smart home sound systems. Sonos, founded in 2002 in Santa Barbara, California, competes closely with Bose in the home audio and smart speaker markets.

HARMAN

Established in 1980, based in Stamford, Connecticut, HARMAN is recognized for its wide range of audio and infotainment solutions for the automotive, consumer, and professional markets, It competes in the higher-end segment with Bose.

Beats

Beats, founded by Dr. Dre and Jimmy Iovine in 2006 and headquartered in Santa Monica, California, is famous for its range of consumer headphones, earphones, and speakers, focusing on delivering high-quality audio with a strong brand appeal, especially among younger consumers.