Neville Noronha, the chief executive officer of Avenue Supermarts Ltd, which runs DMart will step down from the post of Managing Director and CEO after his current term which will end in January 2026. 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, said Avenue Supermarts Ltd in the exchange filing.
In a regulatory filing, Avenue Supermarts said that 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.'
Anshul Asawa currently serves as country head of Unilever in Thailand and General Manager for the home care business unit in Greater Asia. During his tenure of over 15 years in India, Anshul held key leadership positions in sales, marketing and distribution.
Anshul Asawa 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.
Read Also: DMart Q3 results: Net profit up nearly 5% at Rs 724 crore; Revenue up 17.6%
The company also said that Neville will support Anshul for a smooth transition over the next year as the latter joins the company in March, 2025. Anshul is expected to take over as the MD and CEO on the 1st of February, 2026, upon the completion of Neville's term in that position
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 that serves the daily household needs of millions of customers.
Under Neville's stewardship, DMart has reached significant milestones, including surpassing the Rs.50,000 crore annual turnover mark and growing from 5 stores, when Neville joined the company, to more than 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.
Neville Noronha, MD & CEO, ASL said, “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. I believe that Dmart is a business model that has a multidecadal runway for growth. If we stay the course of simplicity, efficient costs, happy employees, deep value to customers and most importantly not doing anything else, we will always remain relevant for a long time to come. 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.”
"The Board of Directors honours his decision and expresses profound gratitude for his extraordinary contribution to the company. The Board has appointed Anshul Asawa as the CEO Designate, effective March 15th, 2025." "Neville's tenure at DMart 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, it further said.
C.B. Bhave, the Chairman of the Board of Directors of Avenue Supermarts Limited, 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. The entire Board of the Company joins me in this sentiment,” While acknowledging Neville’s unwavering commitment to the company.
Bhave also added, "I welcome Anshul 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 phase of growth."
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