The parent company of DMart, Avenue Supermarts Ltd, ASL, announced that long-serving Managing Director (MD) and CEO Neville Noronha will be stepping down from his position after his current term ends in January 2026. More than two decades of transformation leadership under him, Noronha decided that his contract would not be renewed.
That ends the chapter of one of India’s biggest supermarket chains that he kick-started and propelled into massive growth under his guidance.
Avenue Supermarts, in a statement to the stock exchange, said it recognized Noronha’s significant contributions and that the decision not to renew his contract was personal after the exemplary tenure he had. The company also said that Anshul Asawa, who has more than 30 years at Unilever, will join as the CEO designate from March 15, 2025. Asawa will take on the role of MD and CEO in February 2026.
Anshul Asawa To Succeed Noronha
Anshul Asawa is an alumnus of IIT Roorkee and IIM Lucknow. The new approach to the coveted company, Avenue Supermarts, by Asawa comes along with much richness in experience. Asawa has been working for three decades in Unilever.
He has significantly developed several key leadership roles, most recently as the country head of Unilever in Thailand and General Manager for the home care business unit in Greater Asia. He was instrumental in driving sales, marketing, and distribution strategies over his 15 years in India.
The leadership at Unilever has been particularly noted for his digitization efforts, driving innovation across product categories, and most importantly, where he has worked in homecare. He provides a good balance to drive growth into DMart’s next phase while coming from mature markets across Asia and Europe. Known for his consumer-centric approach, focus on execution, and commercial discipline, Asawa is expected to bring a fresh perspective to the company while continuing to build on its strong foundation.
Two Decades Of Growth And Success
Neville Noronha joined DMart in January 2004. At the time the company was still in its infancy. Under his guidance, it grew from a small chain of only five stores to over 380 locations in the whole of India. During his tenure, DMart managed to cross many milestone points, starting from surpassing an annual turnover of Rs. 50,000 crore.
Noronha’s focus on operational efficiency, cost management, and customer satisfaction helped DMart become one of the most profitable and widely trusted supermarket chains in the country.
Noronha was full of praise for the experience of leading the company. “I remain committed to a smooth transition till my tenure ends and available even after that for any counsel the company may need,” he said. He believes in the growth potential of DMart and also feels that the business model has a long runway for expansion.
The Board of Directors of Avenue Supermarts appreciated Noronha for visionary leadership that had been instrumental in driving the success of the company. C.B. Bhave, Chairman of the Board, described Noronha as a leader with an eye for details and a focus on long-term value creation. Bhave accepted that Noronha’s leadership was not merely about growth and profitability but is based on the principles of fairness, efficiency, and customer value.
Neville’s tenure at DMart has been characterized by transformative growth and a deep commitment to operational excellence. He built robust managerial teams, put in place efficient systems and processes, and drove a customer-first approach that delivered outstanding results for all stakeholders,” said Bhave.
The Board welcomed Asawa to the Avenue Supermarts team, saying that his leadership capabilities would guide DMart through its next phase of growth. With Asawa stepping into his new role in March 2025, the Board expressed confidence that his vast experience across consumer markets and his expertise in organizational building would help the company scale new heights.
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