Hegarty founded BBH in 1982 and has created famous ad campaigns for Levi's, Lego and Audi, among others.
Work he has created has seen BBH take home numerous awards, including 15 Clios and a spot in the Clios Hall of Fame for Levi's 501.
Hegarty said of the accolade: "It's a fabulous honour to receive such an award, but one must also remember that it's what you do tomorrow that counts."
He joins a roll of honour that also includes Lee Clow, chairman and chief creative officer of TBWA\, and the director and cinematographer Tony Kaye.
Ami Brophy, executive director of the awards, said: "He got hooked on advertising as a young design student and has gone on to be one of the most inspiring, admired and envied figures in advertising.
"If he were not in advertising, John claims that he'd be an architect because 'it affects the way people live, their attitudes', much like the work he does now and will continue to create in the future."
The award will be presented at the 46th annual Clio Festival to be held in South Beach, Miami, on May 22.
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