"Tom Hanks is one of the greatest actors of his generation," said Festival chairman Harold Matzner in a statement. "In a remarkable feat that vividly illustrates the range of his talent, this year he portrayed two real life characters, each a powerhouse performance in its own right. In the film 'Captain Phillips,' he plays Richard Phillips, the captain of a ship hijacked by pirates, while in 'Saving Mr. Banks' he plays Walt Disney trying to turn the book Mary Poppins into a film – two roles that couldn’t be more divergent. To this star of many talents the Palm Springs International Film Festival is proud to honor Tom Hanks and present him with the Chairman's Award."

The Gala will also present awards to previously announced honorees Sandra Bullock, Bruce Dern, Matthew McConaughey, Steve McQueen, Thomas Newman, Lupita Nyong'o, Julia Roberts and the cast of "American Hustle." 

Presented by Cartier and hosted by Mary Hart, the Awards Gala will be held at the Palm Springs Convention Center. The Festival runs Jan. 3-13, 2014.

Past recipients of the Chairman's Award include Ben Affleck, George Clooney, Richard Gere, Dustin Hoffman and Nicole Kidman.

Hanks, who was Tony-nominated for his performance in Lucky Guy, received Academy Awards for his performances in "Philadelphia" and "Forrest Gump." He also received Academy Award nominations for his roles in "Big," "Castaway" and "Saving Private Ryan." For more information, visit PSFilmFest.org.