Complex sentence: Odlum promptly named his wife as the new president (she became the first woman to hold such a position in New York), with Bonwit's son Walter Bonwit staying on as vice president and general manager.
Split into simpler sentences: Odlum promptly named his wife as the new president (she became the first woman to hold such a position in New York). Paul Bonwit's son Walter Bonwit stayed on as vice president and general manager.