"He's basically the beneficiary and the author of a kind of New America, a new demographic, a new cultural America that he is now the symbol of," editor Richard Stengel said on Wednesday morning's Today show.
This is the second time that Obama has earned the magazine's title. He was named the Person of the Year in 2008 after becoming the first African-American elected president
Stengel also revealed the short list of candidates, which included Malala Yousafzai, the Pakistani teenager who was shot in the head for advocating for girls' education, Egyptian president Mohamed Morsi, Bill and Hillary Clinton, Tim Cook, the CEO of Apple; and the Higgs Boson and Italian physicist Fabiola Giannati and Marissa Mayer, CEO of Yahoo!
Read the full Time profile on Obama here.
What do you think of the choice?