Asda chief financial officer Richard Mayfield is to leave the retailer in February to join parent company Walmart.

Mayfield, who joined Asda last year from Waitrose, will become chief financial officer of Walmart’s EMEA region.

He will be replaced on the Asda board by former Tesco executive Alex Russo who joins the retailer in January from Peruvian restaurant franchise specialist Delosi which works with international brands including Starbucks, KFC and Pizza Hut. 

As senior independent director of Delosi, Russo oversaw rapid expansion and appointed a new executive team. He has a background in international retail and has held positions with Tesco as group commercial finance director, chief financial officer of its South Korean business and as UK commercial finance director in addition to senior finance roles with Kingfisher and Boots

Asda chief executive Andy Clarke, said:  “Richard has made a tremendous contribution to our business. Together, we have developed a strategy which will see Asda redefine value retailing in the UK over the next five years. 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. With a strong pedigree as an international retail leader, Alex is a great addition to the Asda team.  He will play a crucial role in delivering our new strategic priorities.”