Shapland will stand down in July to pursue "personal interests", although he will continue to act as chairman of Sainsbury's Bank.
Jensen sits on the operating board as managing director for non-food, which includes operations to direct source items from Asia.
Jensen will assume the remainder of Shapland's responsibilities, except for convenience, which will fall to chief executive Justin King, and property, which will fall to John Rogers, chief financial officer.
Shapland said he felt it was "an appropriate time to move on so that I can pursue a number of my personal interests."
Justin King said: "I have enjoyed working with Darren, both personally and professionally, and thank him for the considerable contribution he has made to the recovery programme, Making Sainsbury's Great Again, over six successful years.
Sainsbury's will launch a new festival on London's Clapham Common in September, in support of the 2012 Paralympic Games, which is expected to draw a crowd of 40,000 people.
The Super Saturday concert will feature Taio Cruz, The Saturdays and Chipmunk, in addition to demonstrations of Paralympic sports, with proceeds going to the Paralympic Legacy Fund.