"We are in the midst of historic cultural and demographic changes, and Obama is both the symbol and in some ways the architect of this new America," wrote Time editor Rick Stengel. "For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is TIME’s 2012 Person of the Year." Mr. Stengel announced the selection this morning of the Today show and the magazine will be out on newsstands on Friday.

Mr. Obama was also named the person of the year in 2008, after he won the last presidential election. The magazine has a tendency to pick newly elected presidents.

The magazine also released a Time "Person of the Year" shortlist: Malala Yousafzai, Tim Cook, Mohamed Morsi and Fabiola Gianotti. Each of runners up will be featured for the first time on four additional covers inside the magazine.