Eli Lilly, who had served as the company's president since 1932, retired from active management of the company in 1948, became chairman of the board, and relinquished the presidency to his brother, Josiah K. Lilly, Jr. (Joe). During Eli's sixteen-year presidency sales rose from $13 million in 1932 to $117 million in 1948. Joe joined the company in 1914 and concentrated on the company's personnel and marketing efforts. He served as company president from 1948 to 1953, then became chairman of the board and remained in that capacity until his death in 1966. In 1952 the company offered its first public shares of stock. In 1953, Eugene N. Beesley was named the company's new president, the first non-family member to run the company.