Chris Wallace was named general manager of the Memphis Grizzlies on Tuesday after assuming the title on an interim basis in May.

Owner Robert Pera announced that Wallace signed a multiyear contract, but exact terms and financial details were not provided by the team.

The Grizzlies also reached agreement with Ed Stefanski to become executive vice president of player personnel, Yahoo Sports reported. Stefanski will serve under Wallace and oversee player personnel and scouting.

"We are very pleased to announce Chris Wallace as our general manager," Pera said. "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 in 2007. He previously was the Boston Celtics' general manager and also worked as a scout for the Miami Heat, New York Knicks, Los Angeles Clippers, Denver Nuggets and Portland Trail Blazers.

"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."

Stefanski most recently was executive vice president of basketball operations for the Toronto Raptors. He also has served as the general manager of the New Jersey Nets and the Philadelphia 76ers.