Going forward, the release said the company would develop an action plan around implementing the report's recommendations, which will be shared in spring.
"We are mindful that generating culture change takes time and this review is an important step in a process for MediaWorks which is already underway. The executive team has recently been working with staff to establish a company vision, purpose and values, along with our business strategy."
Wallace joined the company earlier this year, before that he held a senior position at Air New Zealand.
He said other work underway includes a review of all employment policies, including the MediaWorks Code of Conduct and a programme of respect training workshops to address some of the issues raised in the review.
"I would like to thank Maria for the excellent job she has done at looking into the workplace culture at MediaWorks," he said in the statement.
Dew's report found that a senior MediaWorks employee engaged in sexual activity with a teenager at a promotional event after she'd been served drinks all evening and became "heavily intoxicated".
No staff at the 2019 event intervened and the young woman said she was left with "serious psychological harm", Dew's report said.
Dew today released an executive summary of findings in her independent workplace conduct review after speaking with 100 current MediaWorks staff, 25 former staff and the young female who was a guest at the 2019 promo event.
Dew also surveyed 480 people at MediaWorks, which owns radio stations and ran TV3 before its sale last year.
The review also uncovered six allegations of sexual assault, a harmful "Boys' Club" culture, bullying and harassment.
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