Meet one of India’s richest CEOs who decided to resign from a Rs 2398760000000 company, his net worth is…, he works for…

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One of India’s top 500 corporate leaders and wealthiest business men, Ignatius Navil Noronha is credited for his profound influence on business.

Ignatius Navil Noronha

In a major change in the leadership of D-Mart Avenue Supermarts, Anshul Asawa has been appointed as the CEO-designate of D-Mart Avenue. D-Mart, which owns and operates the retail chain D-Mart, has announced a top-level management reshuffle with the appointment of Unilever’s Anshul Asawa as its CEO Designate. For those unversed, Asawa currently serves as Country Head of Unilever in Thailand and General Manager for the Home Care business unit in Greater Asia. However, one person who is grabbing more headlines is Incumbent Neville Noronha, who is one of the richest CEOs of India. Here is all the information about him and D-Mart.

Incumbent Neville Noronham’s Managing Director and CEO

The incumbent Managing Director and CEO Neville Noronham, whose current term is ending in January 2026 – a year from now, will not be offering his candidature for renewal of his role, according to a statement from Avenue Supermarts.

“The Board of Directors honours his decision and expresses profound gratitude for his extraordinary contribution to the company. The Board has appointed Anshul Asawa as the CEO Designate, effective March 15, 2025,” it said.

Noronha has been associated with D-Mart for the last two decades. He joined DMart in January 2004 and has shepherded the company from its early years — from 5 stores to its current position as one of the largest supermarket chains with more than 380 stores now.

One of India’s top 500 corporate leaders

One of India’s top 500 corporate leaders and wealthiest business men, Ignatius Navil Noronha is credited for his profound influence on business. Noronha’s net worth is estimated at Rs 6,900 crore, firmly establishing his position in India’s corporate elite and Noronha positions his financial prowess as one well within the top tier of leaders and finance of India s economic structure.

Commending Noronha’s contribution, the company said his tenure at DMart has been defined by transformative growth, a deep commitment to operational excellence, and the establishment of a strong corporate culture.

Who is Anshul Asawa?

Asawa, an IIT Roorkee and IIM Lucknow alumnus, will be joining DMart after a 30-year-long stint at Unilever, where he had leadership roles overseeing the growth of product categories in India, Asia, and Europe. During his tenure of over 15 years in India, Asawa held key leadership positions in sales, marketing and distribution.

“Neville will support Anshul for a smooth transition over the next year as the latter joins the company in March 2025. Anshul is expected to take over as the MD and CEO on the 1st of February, 2026, upon the completion of Neville’s term in that position,” the statement said.

(With inputs from agencies)

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