Wallace, who signed a multi-year deal, was serving as interim general manager/director of player personnel since May 19 when Grizzlies controlling owner Robert Pera shook up the front office by firing CEO Jason Levien and director of player personnel Stu Lash.
"We are very pleased to announce Chris Wallace as our general manager," said Pera in a statement Tuesday. "Chris has been at the forefront and a stable presence throughout some of the Grizzlies' greatest successes. His strong bonds and experience, not only within the organization and NBA but also within the Memphis and Mid-South communities, make him the ideal fit to lead our basketball operations. We believe Chris' skills and expertise to be vital in our continued success of our franchise."
Wallace joined the Grizzlies' front office on June 18, 2007 and assembled much of the talent that has helped guide the franchise to a club-record four consecutive playoff appearances.
"I am honored to remain in Memphis. I love the city and the community," said Wallace. "Robert Pera is strongly committed to the success of the Grizzlies, and I am excited to continue working in tandem with Robert, our front office and our coaching staff in helping realize his vision for the franchise."
Wallace has also worked for the Trail Blazers, Nuggets, Clippers, Knicks and Heat in various scouting roles before a 10-year stint as general manager of the Boston Celtics from 1997-2007.