“After greater than twenty years of remarkable management and an excellent tenure on the helm of the enterprise, Neville has chosen to not prolong his contract. The Board of Administrators honours his resolution and expresses profound gratitude for his extraordinary contribution to the corporate,” Avenue Supermarts introduced in a press release as we speak.
The corporate’s board has appointed Anshul Asawa because the CEO Designate, efficient March fifteenth, 2025.
Noronha, who owned round 1.95% stake within the firm on the finish of the September quarter, is one in every of India’s richest CEOs as his stake within the firm owned by Radhakishan Damani is value about Rs 4,700 crore.
He had joined DMart in January 2004 and shepherded the corporate from its early years to its present place as one of many largest grocery store chains of the nation.”An indicator of Neville’s management is his conviction that whereas enterprise technique is advanced out of a fancy metrics of concepts and competing claims, competent execution requires that it’s articulated in easy and exact phrases, making certain they’re straightforward to grasp and everybody throughout all ranges within the firm is ready to perceive and execute it,” the corporate mentioned.Underneath his stewardship, DMart has reached important milestones, together with surpassing the Rs 50,000 crore annual turnover mark and rising from 5 shops, when Noronha joined the corporate, to greater than 380 shops now.
“I want to place on file my appreciation of Neville’s imaginative and prescient and arduous work in constructing the corporate to this scale as we speak. He has demonstrated distinctive management expertise and dedication in his remarkably profitable tenure. A frontrunner who noticed the large image however by no means misplaced the attention for element, Neville made certain that progress and income weren’t ends in themselves, quite they had been the by merchandise of effectivity, equity and buyer worth,” Avenue Supermarts Chairman CB Bhave mentioned.
Whereas noting that Dmart is a enterprise mannequin that has a multidecadal runway for progress, Noronha mentioned if we keep the course of simplicity, environment friendly prices, completely happy workers, deep worth to prospects and most significantly not doing the rest, we’ll at all times stay related for a very long time to come back.
He mentioned he’ll guarantee a clean transition until his tenure ends and accessible even after that for any counsel the corporate may have every now and then.
Who will likely be DMart’s new CEO?
IIT Roorkee and IIM Lucknow alumnus Anshul Asawa, who joins the corporate as CEO Designate from March 15, 2025, is predicted to take over because the MD and CEO on the first of February, 2026, upon the completion of Neville’s time period in that place.
Asawa has a 30-year lengthy stint at Unilever the place he had management roles overseeing the expansion of product classes and creating impactful capabilities in India, Asia, and Europe.
He at present serves as Nation Head of Unilever in Thailand and Basic Supervisor for the Residence Care enterprise unit in Higher Asia.
Throughout his tenure of over 15 years in India, Anshul held key management positions in gross sales, advertising and marketing and distribution.
He led the digitisation efforts at HUL and was additionally on the forefront of main product improvements for homecare
classes and gross sales & distribution transformations in city and rural markets inside India. He’s recognized for his consumer-centricity, business self-discipline, and execution focus.
