The investor relations team will now report to chief financial officer Alan Stewart, while Shelley will continue to lead on corporate comms.
The move was announced as part of changes to the executive committee to be implemented on 1 January.
Nick Bubb, an independent retail analyst, gave support to the change of function. He said: "Yesterday’s UK management shuffle at Tesco raised several issues, not least why the Tesco IR department was previously under the control of the PR department rather than the finance director (what were they thinking?)."
Other changes at Tesco’s executive board included the appointment of chief customer officer Jill Easterbrook to lead the business transformation at the troubled supermarket giant, which is being investigated by the Serious Fraud Office over accounting irregularities after overstating profits by £263m.