Navil Noronha, one of India’s richest CEOs, is to step down from Avenue Supermarts, the parent company of DMart, after more than two decades at the helm. Noronha has decided not to renew his contract, which ends in January 2026, marking the end of a transformative era for the company he joined in 2004. During his tenure, DMart grew from just five stores to over 380, achieving milestones like crossing ₹50,000. millions 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 deep appreciation for the his extraordinary contribution to the company.”

The leadership transition has already been mapped out. Effective March 15, 2025, Anshul Asawa, an experienced Unilever leader, will serve as CEO Designate. Asawa, an alumnus of IIT Roorkee and IIM Lucknow, is currently Unilever’s country head for Thailand and managing director of the Home Care business unit in Greater Asia. He will officially take over as CEO and CEO on February 1, 2026.

Noronha, which holds a 1.95% stake in DMart worth approximately Rs 4,700 crore, drove the company’s growth with a philosophy of simplicity, efficiency and customer value. Under his leadership, DMart grew into one of India’s largest supermarket chains, earning him accolades for combining big-format vision with meticulous execution. “Growth and profits were never ends in themselves but by-products of efficiency, fairness and customer value,” said Avenue Supermarts chairman CB Bhave.

Reflecting on his mandate, Noronha shared, “If we stay on the course of simplicity, efficient costs, happy employees, deep customer value and nothing else, we will remain relevant for decades to come.” He also ensured a smooth leadership transition and provided ongoing advice beyond his tenure.