His character is established as a wealthy executive at the corporate headquarters in New York with an opulent suburban home, a wife, Rachel, and two kids – one son and one daughter.

Despite his differing lifestyle from the members of the Scranton branch, David tolerates and understands the eccentricities and flaws of Regional Manager Michael Scott, and appreciates employees Jim Halpert and Toby Flenderson.

He later sells his patent for a toy vacuum, called "Suck It,"[2] to the U.S. military for $20 million[2] and subsequently acquires Dunder Mifflin for an undisclosed sum of money, becoming CEO in the eighth-season finale, "Free Family Portrait Studio".

[7] In the fifth-season episode "Crime Aid", Wallace uncovers the relationship between Michael and Scranton's new HR representative Holly Flax (Amy Ryan) and transfers her back to New Hampshire.

However, Wallace is informed that Blue Cross was so delighted by the discount that they are going exclusively with the company for all their office supplies, and praises Dwight, whom Michael has begged to take the fall for the idea.

Ultimately, Michael travels to New York to confront Wallace, as he feels his years of service and loyalty to the company should give him greater freedom than Charles is allowing.

[16] Michael handles "big-picture" decisions, while Jim focuses on "day-to-day" tasks—a split that comes to a head when the two clash about how raises will be dispersed among the employees in "The Promotion".

"[18] In the episode "Scott's Tots,"[19] Wallace addresses an issue with a new Employee of the Month program that Dwight helped Jim create.

After Dwight sabotages the program, Wallace calls Jim seemingly enraged, but later confesses he is merely venting because of the company's precarious situation.

The financial situation of Dunder Mifflin is resolved in "Secret Santa" when Wallace calls Michael and announces that the company has a potential buyer, even though he himself would be let go.

Instead of searching for work, Wallace labors on a toy vacuum called "Suck It" that picks up children's clutter.

[22] In the seventh season, Michael leaves Dunder Mifflin and, in a deleted scene, engages in a webcam conversation with Wallace to say goodbye.

When he discovers that regional manager Andy Bernard was gone for three months sailing after pretending he was still in the office, Wallace scolds him, but ultimately decides to not fire him, stating that he is on "very thin ice".

In "Livin' the Dream", Wallace plans to fire Andy Bernard due to his missing work for acting gigs.