Time magazine has named the re-elected President Obama its "Person of the Year" for 2012.

"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," writes editor Richard Stengel.

The runners-up: Pakistan women's rights activist Malala Yousafzai (who was seriously wounded in an attack by the Taliban), Apple CEO Tim Cook, Egyptian leader Mohammed Morsi, and Higgs boson physicist Fabiola Gianotti

In a profile of Obama that includes an interview with the president, Time's Michael Scherer writes"

"In mid-December, as Obama settles into one of the Oval Office's reupholstered chairs -- brown leather instead of Bush's blue and gold candy stripes -- the validation of Election Day still hovers around him, suggesting that his second four years in office may turn out to be quite different from his first.

"Beyond the Oval Office, overwhelming challenges remain: deadlocked fiscal-cliff talks; a Federal Reserve that predicts years of high unemployment; and more unrest in places like Athens, Cairo and Damascus. But the President seems unbound and gives inklings of an ambition he has kept in check ever since he arrived at the White House to find a nation in crisis.