In 1952, Gibson introduced the Les Paul model, which became the instrument of choice for musicians such as Duane Allman, Eric Clapton and Jimmy Page.

"It's not just his innovation and his musical playing, but sort of the residual effects of that guitar," Stewart said. "It's become the beginning point for so many people in music, particularly rock music."

Paul still performs weekly at the Iridium Jazz Club in New York City. He was inducted into the early influence category of the Rock Hall in 1988.

Paul is only the second living recipient of the annual American Music Masters award, which began in 1996 to pay tribute to artists who helped change American culture. Jerry Lee Lewis was the first living recipient in 2007. Past recipients include Woody Guthrie, Muddy Waters and Sam Cooke.