The decision to recognize Ford and Sarandon was actually made before last summer, Wallach said.
Sarandon joins the ranks of such women as Katharine Hepburn, Elizabeth Taylor, Sally Field, Meg Ryan and Michelle Pfeiffer, who have received the award, established in 1951.
Past "Man of the Year" recipients include Paul Newman, Robert Redford, Robert DeNiro, Steven Speilberg, Steve Martin and Tom Hanks. The men's award was established in 1963.
Sarandon has received three Academy Award nominations in the past four years for her roles in "Thelma and Louise," "Lorenzo's Oil" and "The Client."
She also appeared in "The Rocky Horror Picture Show," "Bull Durham," "The Witches of Eastwick" and "Bob Roberts" as well as in several Broadway plays.
Ford's film credits include "American Graffiti," "Apocalypse Now," "Blade Runner," "Working Girl," "Presumed Innocent," Patriot Games," The Fugitive" and "Clear and Present Danger." His most recent film is the 1995 remake of the Humphrey Bogart classic "Sabrina.