Obama named TIME's Person of the Year

Runners-up include Malala Yousafzai, Tim Cook, Mohammed Morsi

Published On: Dec 19 2012 07:56:02 AM EST   Updated On: Dec 19 2012 09:10:36 AM EST

President Barack Obama has been named TIME magazine's 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."

Obama also held the honor in 2008.

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

Previous winners include The Protester, Facebook founder Mark Zuckerberg and Federal Reserve Chairman Ben Bernanke.