The company informed that Neville Noronha will complete his current term of five years as the Managing Director on 31st January 2026
Neville Noronha, the Managing Director (MD) and Chief Executive Officer (CEO) of retail chain DMart has decided to step down from the position in January 2026 as he did not extend his contract after spending more than two decades at the firm, as informed by Avenue Supermarts (parent company of DMart) in an exchange filing.
The company informed that the Board of Directors have approved the appointment of Anshul Asawa as a Chief Executive Officer Designate and Senior Managerial Personnel of the Company with effect from 15th March 2025. Noronha will complete his current term of five years as the Managing Director of the Company on 31st January 2026.
Neville joined DMart in January 2004 and has shepherded the company from its early years to its current position as one of the largest supermarket chains of the country. Under him, DMart has surpassed the Rs 50,000 Crore annual turnover mark and grown from five stores, when Neville joined the company, to more than 380 stores now.
“I deeply appreciate the opportunity I got 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,” stated Noronha.
Acknowledging Noronha’s commitment to the company, C.B. Bhave, the 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 made sure that growth and profits were not ends in themselves, rather they were the by products of efficiency, fairness and customer value.”
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.
The company’s statement added that Noronha will support Asawa for a smooth transition over the next year as the latter joins the company in March 2025. Asawa is expected to take over as the MD and CEO on the 1st of February 2026, upon the completion of Noronha’s term in that position.
