Lionel Richie is enjoying quite a year so far, with his headlining slot at Billboard's SXSW Showcase, new album Tuskegee debuting at no. 2 on the Billboard 200 and no. 1 on the Billboard Country Chart last week, and inductioin into the Apollo Theater Hall of Fame set for June 4. Well, tack on another accolade, because NARM announced today it will be honoring Richie with its 2012 Chairman's Award for Sustained Creative Achievement at its Music Biz 2012 Awards Dinner Party May 10.

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The award serves to recognize Richie's extensive, award-winning career in the music industry since 1968, including both his solo work and his efforts with The Commodores, and will be presented by NARM Chairman Rachelle Friedman. The awards dinner is the culmination of NARM's Music Biz 2012 Conference, which will run from May 7-10.

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"Lionel Richie has been a force in the music business for more than four decades and is still going strong today, a remarkable feat that grows increasingly rare each year," said Jim Donio, President of NARM, in a statement. "Like the music industry itself, he has shown remarkable resilience in the face of countless challenges, and has maintained his artistic integrity and relevance through it all. We are thrilled to present him with the Music Biz 2012 Chairman's Award."

The Awards dinner will also honor Katy Perry as NARM's Artist of the Year for her record-tying five number one hits off sophomore album Teenage Dream.