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President elect Barack Obama has been named the 2008 Person of the Year by Time magazine. Person of the Year (formerly Man of the Year) is an annual issue of the Time newsmagazine that features and profiles a person that "for better or for worse, ...has done the most to influence the events of the year."

According to the magazine, the tradition of selecting a Man of the Year began in 1927, with Time editors contemplating newsworthy stories possible during a slow news week.

Barack Obama, the elected 44th president of United States likely does not come as a surprise for 2008, since the person or persons who most affected the news and our lives, (for good or ill) is selected as Person of the Year by Time.

2008 runners-up included Treasury Secretary Henry Paulson, French President Nicolas Sarkozy, Alaska Gov. Sarah Palin and film director Zhang Yimou, who designed the Beijing Olympics opening ceremony.

Since the lists 1920's beginning, every serving President of the United States has been a Person of the Year at least one time with the exceptions of Calvin Coolidge, Herbert Hoover and Gerald Ford.

Time Person of the Year 2007 was Vladimir Putin and the 2006 Time magazine Person of the Year was You (the millions of anonymous contributors of user-generated content to sites like Wikipedia, YouTube, Facebook, Digg, and others).


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