Wallace became Mirror editor in June 2004. Previously deputy editor of the Sunday Mirror, he could hardly have taken over at a more difficult time, replacing Piers Morgan who was sacked over the paper's fake Iraqi abuse photo scandal.
In his only interview since becoming editor, Wallace said he had taken the paper down a "more magazine-style road" skewed towards over-35 women.
"We need to get used to the idea that today's newspapers aren't necessarily about 'news'," he told Campaign.
"the backbone of the country ... They're not groovy, they're not checking out gawker.com or updating their blogs. They're too busy holding down jobs, bringing up families, actually living in the real world."
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