From 9-5 to One of India’s Richest CEOs: Ignatius Navil Noronha

Avenue Supermarts Ltd., the parent company of D-Mart supermarkets, has announced a major leadership reshuffle, appointing Unilever’s Anshul Asawa as CEO designate, effective March 15, 2025. The announcement confirmed that Ignatius Navil Noronha, the current Managing Director (MD) and CEO, will not be renewing his term, which concludes in January 2026. Noronha’s leadership of Avenue Supermarts, which spans over two decades, will officially end with his current tenure on January 31, 2026.

The company stated, “Mr. Ignatius Navil Noronha will complete his current term as MD of the company on 31st January 2026. Mr. Asawa will take over as MD & CEO from 1st February 2026, subject to shareholder approval and other regulatory clearances”.

Noronha played a significant role in forming and making Avenue Supermarts such a huge success. The innovativeness on his part saw the adoption of the 48-hour supplier policy-the most outstanding in his policies-which led the growth of D-Mart into the most successful chain of retail operations in India, with a net worth of approximately Rs 6,900 crores as the Hurun Rich List places Noronha.

Though not a founder, Noronha’s journey from sales executive to CEO says a lot about his leadership, strategic acumen, and deep expertise in the retail industry. He had earned a gross remuneration of Rs 5 crore as of 2024, underlining his crucial role in the company’s success. His career trajectory and financial success make him a notable figure in India’s corporate elite.

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