Navil Noronha, one of India's richest CEOs, is set to step down from DMart's parent company, Avenue Supermarts, after leading it for over two decades. Noronha has decided not to renew his contract, which expires in January 2026, marking a transformative era for the company he joined in 2004. During his tenure, DMart expanded from five stores to 380, reaching milestones such as crossing Rs.50,000 crore. Annual turnover is Rs.
Avenue Supermarts announced, “After more than two decades of exceptional leadership and an illustrious tenure at the helm of the business, Neville has decided not to extend his contract. The Board respects his decision and is deeply grateful for his extraordinary contribution to the Company.
The leadership transition is already charted. Effective March 15, 2025, Unilever's experienced leader Anshul Asawa will serve as CEO. An alumnus of IIT Roorkee and IIM Lucknow, Asawa currently heads Unilever in Thailand and is the General Manager of the Home Care business unit in Greater Asia. He will officially take over as MD & CEO on February 1, 2026.
Noronha, who holds a 1.95% stake in DMart worth approximately Rs 4,700 crore, has driven the company's growth with a philosophy of simplicity, efficiency and customer value. Under his leadership, DMart became one of India's largest supermarket chains, earning him accolades for astute execution of the big-picture vision. “Growth and profit are never-ending, by-products of efficiency, equity and customer value,” said Mr. CB Bhave, Chairman of Avenue Supermarts.
Reflecting on his tenure, Noronha shared, “If we maintain simplicity, efficient costs, happy employees, deep value to customers and nothing else, we will be relevant for decades to come.” He ensured a smooth leadership transition and continued guidance beyond his tenure.