Asda has named former Tesco executive Alex Russo as it new CFO.

Russo will join the UK’s second-largest grocer from Peru-based restaurant franchiser Delosi in January.

He replaces Richard Mayfield, who is to take a role at Asda parent Wal-Mart Stores. Mayfield will become CFO for Wal-Mart’s operations in Europe, the Middle East and Africa. As well as Asda, Wal-Mart owns a majority stake in South Africa-based retailer Massmart Holdings.

Before Russo’s spell at Delosi, which operates chains including KFC and Pizza Hut, he had roles at Asda’s largest UK rival, Tesco. At Tesco, he was group commercial finance director, CFO of its South Korean business and UK commercial finance director.

Andy Clarke, Asda’s president and CEO, said: “With a strong pedigree as an international retail leader, Alex is a great addition to the Asda team.”

Mayfield joined Asda from UK department store group John Lewis Partnership last year. Clarke added: “It’s a testament to the strength of our team that Asda leaders are consistently promoted within the global Walmart family. Richard leaves the business in great shape for the future but will of course remain involved in his new role.”

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