Neville Noronha, one of India’s wealthiest CEOs, has announced his decision not to renew his contract with Avenue Supermarts, the parent company of the DMart retail chain. After more than 20 years of exceptional leadership, Noronha will step down at the end of his term in January 2026. The company has named Anshul Asawa of Unilever as the CEO-designate set to take over in February 2026.
In an exchange filing, Avenue Supermarts stated: “Neville Noronha will not be offering his candidature for renewal of his role as Managing Director and CEO after his current term in January 2026. 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 company expressed its gratitude for Noronha’s contributions, acknowledging his role in DMart’s remarkable growth. The board has appointed Anshul Asawa as CEO-designate, effective March 15, 2025, to ensure a smooth leadership transition.
Noronha joined DMart in January 2004 and has played a pivotal role in its evolution from a small chain to a retail giant. Owning a 1.95% stake in the company, valued at over ₹4,700 crore, Noronha spearheaded DMart’s expansion from five stores to over 380 outlets and guided it to exceed ₹50,000 crore in annual revenue.
“Under Neville’s stewardship, DMart has achieved significant milestones, including surpassing the ₹50,000 crore annual turnover mark. His visionary leadership, strategic foresight, and relentless focus on long-term value creation have set the company up for continued success,” Avenue Supermarts said in a statement.
CB Bhave, Chairman of Avenue Supermarts, praised Noronha’s contributions: “Neville’s vision and hard work have been instrumental in building DMart to its current scale. He saw the big picture but never lost attention to detail, ensuring growth and profits were the byproducts of efficiency, fairness, and customer value. The entire Board joins me in thanking him for his exemplary service.”
Noronha will remain with the company through January 2026 to support the transition process. Anshul Asawa, the CEO-designate, will officially assume the role of MD and CEO on February 1, 2026.
Anshul Asawa, an alumnus of IIT Roorkee and IIM Lucknow, brings over three decades of experience at Unilever. Known for his customer-centric approach, commercial discipline, and focus on execution, Asawa has held leadership roles across India, Asia, and Europe.
On January 13, 2025, Avenue Supermart (D-mart) share price ended down by 4.82% at ₹3,507.95, while the BSE benchmark Sensex ended down by 1048.90 points to 76,330.01. Avenue Supermart share price reached a 52-week high of ₹5,484.00 on September 24, 2024, and a 52-week low of ₹3,400 on December 12, 2024. As per BSE, the total traded volume for the stock stood at 0.82 lakh shares with a turnover of ₹28.83 crore.
At the current price, Avenue Supermar shares are trading at a price-to-earnings (P/E) ratio of 82.37x, based on its trailing 12-month earnings per share (EPS) of ₹44.47, and a price-to-book (P/B) ratio of 11.52, according to exchange data.
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Published on: Jan 13, 2025, 5:19 PM IST
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