In response to the news, Ferrell released a statement saying, "I am truly honored to receive this distinction. I will now begin cultivating a Mark Twain–esque moustache in anticipation of the event."
Ferrell got his big break as a cast member on 'Saturday Night Live' in 1995. He translated his popularity on the show into a lucrative film career with starring roles in hit comedies like 'Elf,' 'Old School' and 'Anchorman: The Legend of Ron Burgundy,' as well as a successful segue into drama with 'Stranger Than Fiction.'
He succeeds fellow 'Saturday Night Live' alum Tina Fey, who won the award last year.