DMart Retail Chain Owner’s MD & CEO Ignatius Navil Noronha To Step Down
Noronha to step down after over two decades of stint; board appoints Unilever’s Anshul Asawa as CEO-designate
(The Corner Office Journal) -- Avenue Supermarts Ltd., which runs the DMart supermarket chain, said its Managing Director and Chief Executive Officer Ignatius Navil Noronha will step down after over two decades of stint with the company.
“Noronha will not be offering his candidature for renewal of his role as the managing director and CEO at the conclusion of his current term in January 2026 - a year from now,” the Indian retailer said in a stock exchange announcement.
Noronha, who joined DMart in January 2004 and shepherded the company from its early years to its current leading position, has chosen not to extend his contract, it added.
The Mumbai-based company said under Noronha's leadership, DMart has reached significant milestones, including surpassing the 50,000 crore rupees ($5.80 billion) annual turnover mark and growing from five stores to more than 380 stores now.
The company, which opened its first store in Mumbai in 2002, offers a wide range of products with a focus on foods, non-foods and general merchandise & apparel product categories. Its stores are located in Maharashtra, Gujarat, Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Madhya Pradesh, Rajasthan, Punjab, National Capital Region, Chhattisgarh and Daman.
New Successor
Avenue Supermarts said its board appointed Unilever’s Anshul Asawa as the CEO-designate, effective 15 March 2025.
Asawa, an IIT Roorkee and IIM Lucknow alumnus, will join 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, it added.
The company said Asawa currently serves as country head of Unilever in Thailand and general manager for the Home Care business unit in Greater Asia.
“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,” said C.B. Bhave, chairman of Avenue Supermarts.
The company said 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 of the company on 1 February 2026, upon the completion of Noronha’s term.
Avenue Supermarts also announced several changes in senior managerial personnel of the company.
Note: $1 = 86.2002 Indian rupees
(Send feedback to editor@cornerofficejournal.com)