Long-time CEO of Avenue Supermarts, Neville Noronha, is stepping down after a 20-year tenure, paving the way for Unilever executive, Anshul Asawa, to take the helm.

Avenue Supermarts, the parent company of popular Indian retail chain DMart, has announced the departure of its CEO Neville Noronha after a 20-year tenure. Noronha, who co-founded the company in 2002, has decided to step down from his role, paving the way for Unilever’s Anshul Asawa to take over as the new CEO. Asawa, a seasoned executive with over 15 years of experience in the FMCG industry, will assume his new role from April 1, 2023. Noronha, who has been instrumental in shaping DMart’s growth and expansion, will continue to serve as a non-executive director on the company’s board. During his tenure, Noronha has overseen the company’s rapid expansion, transforming it into one of India’s largest retail chains with over 240 stores across the country. The transition is expected to be smooth, with Asawa having already been involved with DMart as a member of the company’s advisory board.