In accordance with the rules of the New York Stock Exchange (NYSE), this required Charles' beneficiary to either sell their shares or assume his former role in the firm.
[2] Rather than divest her stake, Josephine Bay chose to head the firm, and in 1956 became the president and chairman of A.M. Kidder & Co.
[3][4] She would also serve as chairman of the board and chief executive officer of American Export Lines.
She remained the head of A.M. Kidder and chairman of the board of American Export Lines until her death in 1962.
[6] The Josephine Bay Paul Center at the University of Chicago is named in her honor.