₹4,700-crore man Neville Noronha is leaving DMart. Here is who’s filling his shoes

MT HANNACH
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Navil Noronha, one of India’s richest CEOs, is set to leave Avenue Supermarts, the parent company of DMart, after more than two decades at the helm. Noronha decided not to renew his contract, which ends in January 2026, marking the end of an era of transformation for the company he joined in 2004. During his tenure, DMart grew from just five stores to over 380, achieving milestones such as surpassing ₹50,000 crore in annual turnover.

Avenue Supermarts announced: “After more than two decades of exceptional leadership and a glorious tenure at the helm of the company, Neville has chosen not to extend his contract. The Board of Directors honors his decision and expresses its deep gratitude for his extraordinary contribution to the company.

The leadership transition has already been mapped out. Effective March 15, 2025, Anshul Asawa, a veteran Unilever executive, will serve as CEO-designate. An alumnus of IIT Roorkee and IIM Lucknow, Asawa is currently the Country Head of Unilever in Thailand and Managing Director of the Home Care Business Unit in Greater Asia. He will officially take over as Managing Director and CEO on February 1, 2026.

Noronha, who holds a 1.95% stake in DMart worth around ₹4,700 crore, has led the company’s growth with a philosophy of simplicity, efficiency and customer value. Under his leadership, DMart grew into one of India’s largest supermarket chains, earning accolades for its combination of global vision and meticulous execution. “Growth and profits have never been an end in themselves but by-products of efficiency, fairness and customer value,” said CB Bhave, president of Avenue Supermarts.

Reflecting on his tenure, Noronha said: “If we stay the course of simplicity, cost efficiency, happy employees, deep customer value and do nothing else, we will remain relevant for decades to come . He also ensured a smooth leadership transition and offered ongoing guidance beyond his tenure.

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