Wallace was named the interim GM after Grizzlies owner Robert Pera fired CEO Jason Levien and assistant general Stu Lash in May.
Wallace, who was the Boston Celtics GM for 10 seasons, has been with the team since 2007 and also assumed the role of vice president of operations when Levien left.
“I am honored to remain in Memphis. I love the city and the community,” Wallace said. “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.”
Memphis also reached an agreement with Ed Stefanski to become the team’s executive vice president of player personnel, according to Adrian Wojnarowski of Yahoo! Sports. The Grizzlies finished with a 50-32 record last season and pushed Oklahoma City to seven games in the first round of the NBA playoffs.
- Scooby Axson