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Obama Named Time's 'Person Of The Year'

Palin One Of Magazine's Runners-Up

POSTED: Wednesday, December 17, 2008

UPDATED: 9:56 am CST December 17, 2008

Chip Somodevilla/Getty Images

Barack Obama is sworn in as the 44th president of the United States.

NEW YORK -- President-elect Barack Obama has won another contest: He's been named Time magazine's "Person of the Year" for 2008.

Time's Person Of Year | Slideshow

In November, the former Democratic Senator from Illinois became the first African-American to win a presidential election.

"For having the confidence to sketch an ambitious future in a gloomy hour, and for showing the competence that makes Americans hopeful he might pull it off, the President-elect is Time's 'Person of the Year,'" the magazine said on its Web site.

Obama will be sworn in as the 44th President of the United States next month.

The magazine has named Treasury Secretary Henry Paulson, French President Nicolas Sarkozy and Chinese director Zhang Yimou as runners-up.

Also a runner-up was Republican vice presidential candidate Alaska Gov. Sarah Palin.

Last year's winner was Russian Prime Minister Vladimir Putin.

Previous individual winners have included Bono, President George W. Bush and Amazon.com CEO and founder Jeff Bezos.

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