Instead, the military academy will focus on its core mission, to prepare cadets and future officers to "lead, fight and win as officers in the world's deadliest force, the US Army", it says in a statement from West Point cited by The Washington Post.
The withdrawal is believed to have a connection to several political controversies surrounding the Trump administration that have shaken the military institution this year. Tom Hanks' involvement in Joe Biden's presidential campaign in 2020 is also assumed to have influenced the decision.
According to the military academy, Tom Hanks has an impressive list of merits that exemplify the academy's ideals "Duty, Honor, Country" through films like "Saving Private Ryan", "Forrest Gump", "Greyhound" and the miniseries "Band of Brothers" and "The Pacific".
The ceremony with a parade was planned for September 25. It is not clear whether the award has been withdrawn completely or if it will be presented at a later occasion.