Changes of the Week

P: Mrs. Josephine Bay, 58, largest stockholder in American Export Lines and chief of its executive committee, was named chairman of the board, succeeding Joseph A. Thomas, 52, who resigned. Widow of Financier-Diplomat Charles Ulrick Bay, Josephine Bay took over the business affairs of her husband after his death in 1955, became the first woman to reach a top Wall Street post when she became president and chairman of A. M. Kidder & Co., Inc. Now married to Oilman C. Michael Paul, who succeeds her as executive committee chief, she is the first woman to hold a major post in the shipping industry.

P: Robert W. Kerr, 55, vice president of American Machine & Foundry, moved to Penn-Texas as vice president and boss of all its subsidiaries, including Fairbanks, Morse and Toolmaker Pratt & Whitney. Colorado-born Bob Kerr graduated from U.C.L.A. ('27), spent his early years as a reporter on the Los Angeles Examiner, went into the tool industry in 1938, became president of Toledo's Bingham-Herbrand Corp. before moving to American Machine & Foundry. Kerr and President Alfons Landa hope to disassociate Penn-Texas from the poor publicity brought on by the fight to oust Former Chairman Leopold Silberstein by changing its name to Fairbanks Whitney Corp.

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