He became President in 1954 and was Chairman of the Board and CEO beginning in 1962, taking the place of W. Alton Jones, who died in the famous plane crash American Airlines Flight 1.
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On 1 March 1962 Admiral Conolly and his wife, Helen B. Conolly, were passengers aboard American Airlines Flight 1, which crashed into Jamaica Bay soon after take-off from Idlewild Airport, New York City, killing all 95 passengers and crew aboard.