The June 25 gala will be held on the opening night of the Shakespeare in the Park production of Twelfth Night, which stars Academy Award nominee Anne Hathaway. Daniel Sullivan directs the production, which will play the Delacorte.

Nichols, who staged the starry Delacorte production of The Seagull in 2001, will be honored alongside former Public Theater board member and Martha Stewart Living Omnimedia president and CEO Lyne.

"Susan Lyne, in addition to her amazing career in business and the arts, has been a wonderful board member for The Public and a philanthropist and supporter of many cultural and educational institutions," said Public Theater artistic director Oskar Eustis in a statement. "We are proud to honor her."

Eustis continued, “No American director, with the possible exception of Elia Kazan, has triumphed as fully in both film and theater as Mike Nichols. And Kazan wasn't funny! Mike has been a role model for American artists, a mentor to many, and an example to us all. He is an artist of astounding range, a man who wears his profound learning and sophistication with grace and ease, and a long-time friend of the Public Theater. New York is lucky to have him, and we are proud to honor him."

The Public Theater summer gala begins with a buffet dinner in Central Park, followed by the opening night performance of Twelfth Night and a post-show cast party at Belvedere Castle. An eight-time Tony Award winner, Mike Nichols has directed the Broadway productions of Barefoot in the Park, The Odd Couple, Luv, Plaza Suite, Prisoner of Second Avenue, The Gin Game, Hurlyburly, Death and the Maiden, The Real Thing, Spamalot and The Country Girl. His numerous film credits include "Who's Afraid of Virginia Woolf?," "The Graduate" (Academy Award), "Working Girl," "Postcards From the Edge," "The Birdcage," "Closer," "Wit," "Angels in America" and "Charlie Wilson’s War."

Tickets and sponsorships, ranging $1,500-$50,000, are available by phoning (212) 539-8547 or by emailing gala09@publictheater.org.

For further information visit PublicTheater.