One of India’s richest CEOs Neville Noronha, who was with Avenue Supermarts for over two decades, has decided to end his tenure with the company. On Saturday, Avenue Supermarts, which runs the DMart chain of stores, said Noronha, 49, will not renew his candidature after his current term ends in January 2026.
Unilever’s Ansul Asawa, an IIT-IIM alumnus, will take over as MD & CEO of the company from February next year. Avenue Supermarts said Asawa will be CEO-designate from March 15, 2025, to ensure a smooth transition. Noronha will aid in the transition process over the next one year, the company said.
“After more than two decades of leadership and a glorious tenure at the helm of the business, Neville has chosen not to extend his contract. The board of directors honours his decision and expresses profound gratitude for his extraordinary contribution to the company,” Avenue Supermarts said in a statement on Saturday.
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Noronha has a 1.95% stake in the company at the end of the September 2024 quarter. This is worth Rs 4,676 crore at the end of Friday’s closing price on the BSE. Neville joined DMart in January 2004 and has led the company from its early years to its current position as one of the largest supermarket chains in the country. Avenue Supermarts said that Noronha’s strategy was focused on competent execution articulated in simple and precise terms, which was easy to understand across levels. Under his leadership, DMart reached significant milestones, including surpassing the Rs 50,000 crore annual turnover mark and growing from five stores, when Noronha joined the company, to 387 stores now.
Anshul Asawa, an IIT Roorkee and IIM Lucknow alumnus, will be joining DMart after a 30-year long stint at Unilever where he had leadership roles overseeing the growth of product categories and developing impactful functions in India, Asia, and Europe. He currently serves as country head of Unilever in Thailand and general manager for the home care business unit in Greater Asia.
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