The new appointments will officially begin their new roles after the airline's AGM later this year.
Permission for the craft to fly here was pulled two years ago.
E tū union members say shares given to executives is rubbing salt in the wound of redundant employees.
Sadly, Planey McPlaneface is out.
Greg Foran, the CEO, will absorb Wallace's role for the time being.
The airline failed to get government help and may give Qantas a huge monopoly.
"We are not to be used as crash test dummies."
The new guideline was implemented following one Twitter complaint.