Jim Wakim, left, and Gregory Konover, right. Photos Courtesy of The Simon Konover Co.

West Hartford-base real estate developer and asset manager The Simon Konover Co. announced that Jim Wakim, the company’s president and COO for the last 12 years, is retiring May 31.

His title of president will pass to Gregory Konover, grandson of the company’s founder.

Konover started with the company as an acquisitions and development associate in 2013 and worked his way up to president of the company’s residential property management division by 2019, a title he’ll retain once he assumes the company’s presidency.

After Wakim’s retirement, company CFO Scott J. Lynch will succeed him as COO.

“While it is rare for family enterprises to effectively navigate a generational segue, The Simon Konover Company is very excited about the strength of our organization and the opportunities that lie ahead as we prepare to welcome third-generation family leadership,” Wakim said in a statement. “Our leadership team at The Simon Konover Company is best-in- class and is poised to move the Company forward, creating value and opportunity for all. We look forward to announcing further exciting changes in the months ahead.”