In a surprise announcement, DMart has informed that Neville will not be offering his candidature for renewal as Managing Director and CEO at the conclusion of his current term in January 2026 – a year from now.
This would be surprise to most as Neville has been a key driving force behind DMart’s success. In his early 50s, one would have expected him to lead the Company for many more years.
What led to his decision is unclear !
- Neville joined Dmart during it’s initial formation years in January 2004 and since then has built the brand to it’s current enviable position as one of the largest and most valued supermarket chains of the country.
- He was handpicked by the founder of DMart, Mr Radhakishan Damani, the stock market veteran. Damani spotted the young account manager with Hindustan Unilever, which had regular dealings with DMart, and had business interactions with him for close to two years before hiring him.
- Damani had hired him in 2004 as the head of business, and he took over as CEO in 2007.
- Anshul Asawa will join the company on March 15, 2025, and formally take over from Neville Noronha in February 2026. Neville will support him in a smooth transition over the next year.
- An IIT Roorkee and IIM Lucknow alumnus, Anshul will join DMart after 30 years with Unilever, where he held leadership roles overseeing the growth of product categories and developing impactful functions in India, Asia, and Europe. During his tenure of over 15 years in India, Anshul held key leadership positions in sales, marketing, and distribution.
Irrespective of the impressive pedigree of Anhsul, market is going to miss Neville’s leadership in the foreseeable future and hence may tread with caution in an expensive stock like DMart; currently trading at 85x TTM P/E.