Asda property development director Rob Swyer is to leave the retailer after 10 years’ service.
He will be replaced in the role, which he has held for the past three years, when he leaves in the autumn.
First Quench is the parent company behind retailers including Threshers and Wine Rack which controls around 1,500 stores nationally.
Masters will directly report to Asda chief operating officer Andy Clarke.
Clarke said: “Steve brings with him extensive knowledge of the property sector which will strengthen the property and construction teams making sure we are best placed to continue to play a leading role in the property sector opening new space across the UK and improving our existing stores for all our customers.”