Avenue Supermarts CEO Neville Noronha steps down after 20-year stint at DMart, Unilever’s Anshul Asawa to be new chief
- DMart leadership transition: Noronha has not offered to renew his role as CEO and MD after the conclusion of his term in January 2026. Unilever's Anshul Asawa has been appointed as the CEO Designate.
DMart leadership transition: Avenue Supermarts, which operates the retail chain DMart, announced a top-level management reshuffle and leadership transition on Saturday, January 11, after CEO and Managing Director Neville Noronha stepped down from his position after an illustrious stint spanning over two decades. Noronha has not offered to renew his role as the retail major's chief after the conclusion of his current term in January 2026.
The hypermarket chain operator, while announcing its October-December quarter results for fiscal 2024-25 (Q3FY25) today, also gave its management update. With Noronha's exit, Avenue Supermarts picked Unilever's Anshul Asawa as its new CEO Designate. Neville will support Anshul for a smooth transition over the next year as the latter joins the company in March 2025.
Also Read: DMart Q3 Results: Avenue Supermarts net profit rises 4.7% to ₹723 crore, revenue up 17.6% YoY
DMart leadership transition: Anshul Asawa to replace Neville Noronha
Anshul is expected to take over as the MD and CEO on February 1, 2026, after Neville's term concludes, which is one year from now. Asawa, with a 30-year-long stint, currently serves as the Country Head of Unilever in Thailand and the General Manager of the Home Care business unit in Greater Asia.
“After more than two decades of exceptional leadership and a glorious tenure at the helm of the business, Neville has chosen not to extend his contract. The Board of Directors honour his decision and expresses profound gratitude for his extraordinary contribution to the company,” said India's leading food and grocery retailer in a regulatory filing to the stock exchanges today.
Avenue Supermarts commended Neville's tenure at DMart, saying that it has been defined by transformative growth, a deep commitment to operational excellence, and the establishment of a strong corporate culture. “He has built robust managerial teams, implemented efficient systems and processes, and fostered a customer-first approach that has delivered outstanding results for all stakeholders.”
Neville joined DMart in January 2004 and shepherded the retail major from its early years to its current position as one of the largest supermarket chains in the country. Under Neville's stewardship, DMart hit significant milestones, including surpassing the ₹50,000 crore annual turnover mark and growing from five stores when Neville joined the company to over 380 stores now.
“His visionary leadership, strategic foresight, and relentless focus on long-term value creation have set the company up for continued success. The foundation laid by Neville Noronha will remain a source of strength and inspiration,” said Avenue Supermarts in its statement.
Acknowledging Neville’s commitment to the company, C.B. Bhave, Chairman of the Board of Directors of Avenue Supermarts, said, “I would like to place on record my appreciation of Neville's vision and hard work in building the company to this scale today. He has demonstrated exceptional leadership skills and dedication in his remarkably successful tenure.”
“A leader who saw the big picture but never lost the eye for detail, Neville ensured that growth and profits were not ends in themselves; rather, they were the by-products of efficiency, fairness and customer value. The entire Board of the Company joins me in this sentiment,” added Bhave.
Born and raised in Mumbai, Noronha completed his management degree from the Narsee Monjee Institute of Management Studies. Before joining Dmart, Noronha worked with the fast-moving consumer goods firm Hindustan Unilever. Founder and ace investor Radhakishan Damani hired him in 2004 as a head of business, and he took over as CEO in 2007.
Reflecting on his stint, Neville Noronha remarked, “I deeply appreciate the opportunity to serve the business. Extremely grateful to each and every one of the early leadership team, especially those who believed in the idea of Dmart and stayed with us for a very long time. Dmart wouldn’t be possible as it is today without them.
“I believe that Dmart is a business model with a multi-decadal growth runway. If we stay on the course of simplicity, efficient costs, happy employees, deep value to customers, and most importantly, not doing anything else, we will remain relevant for a long time. I remain committed to a smooth transition till my tenure ends and available even after that for any counsel the company may need from time to time,” added Noronha.
Anshul Asawa, an IIT Roorkee and IIM Lucknow alumnus, will join DMart after a 30-year-long stint at Unilever, where he held leadership roles overseeing the growth of product categories and developing impactful functions in India, Asia, and Europe. During his tenure of over 15 years in India, Anshul held key leadership positions in sales, marketing, and distribution.
He led the digitisation efforts at HUL and was also at the forefront of leading product innovations for homecare categories and sales & distribution transformations in urban and rural markets within India. He is known for his consumer-centricity, commercial discipline, and execution focus.
Commenting on the new leadership, C.B. Bhave said, “I welcome Anshul Asawa to the Avenue Supermarts team and wish him the best for taking the company to newer heights. I am confident that Anshul's rich experience across the consumer markets, strong track record, and organization-building capabilities will lead our company to its next growth phase."
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Business NewsCompaniesPeopleAvenue Supermarts CEO Neville Noronha steps down after 20-year stint at DMart, Unilever’s Anshul Asawa to be new chief
First Published:11 Jan 2025, 09:05 PM IST
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