U.S. President Barack Obama named TIME's Person of the Year

President Barack Obama has been named TIME magazine's Person of the Year.

The magazine named him Person of the Year "for finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union."

The runners-up were Pakistani schoolgirl Malala Yousafzai, Apple CEO Tim Cook, Egyptian President Mohamed Morsi and scientist Fabiola Gianotti.

Obama also received the honor in 2008, when he was President-elect.

Last year, "The Protester" got the honor.

Time's "Person of the Year" is the person or thing that has most influenced the culture and the news during the past year for good or for ill. In 2010, Facebook founder and CEO Mark Zuckerberg received the honor.

Other previous winners have included Federal Reserve Chairman Ben Bernanke, Bono and President George W. Bush.