Navil Noronha, one of India’s richest CEOs, is set to step down from Avenue Supermarts, the parent company of DMart, after over two decades at the helm. Noronha has decided not to renew his contract, which ends in January 2026, marking the close of a transformative era for the company he joined in 2004. During his tenure, DMart expanded from just five stores to over 380, achieving milestones like 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 business, Neville has chosen not to extend his contract. The Board of Directors honors his decision and expresses profound gratitude for his extraordinary contribution to the company.”
The leadership transition has already been charted. Starting March 15, 2025, Anshul Asawa, a seasoned leader from Unilever, will serve as CEO Designate. An IIT Roorkee and IIM Lucknow alumnus, Asawa is currently Unilever’s Country Head in Thailand and General Manager for the Home Care business unit in Greater Asia. He will officially take over as MD and CEO on February 1, 2026.
Noronha, who owns a 1.95% stake in DMart worth approximately ₹4,700 crore, shepherded 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 combining big-picture vision with meticulous execution. “Growth and profits were never ends in themselves but byproducts of efficiency, fairness, and customer value,” said Avenue Supermarts Chairman CB Bhave.
Reflecting on his tenure, Noronha shared, “If we stay the course of simplicity, efficient costs, happy employees, deep value to customers, and not doing anything else, we will remain relevant for decades to come.” He also assured a smooth leadership transition and offered continued counsel beyond his tenure.