He is honored "for turning weakness into opportunity and for seeking, amid great adversity"
Credit: Courtesy TIME

President Barack Obama was named Time‘s Person of the Year Wednesday morning, making him a rare repeat winner. He was similarly honored in 2008, after he won election as the nation’s first African-American President.

The magazine says Obama, 51, was chosen “[for] finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union.”

In addition, the newsmagazine (which, like PEOPLE is published by Time Inc.), states: “He will take the oath on Jan. 20 as the first Democrat in more than 75 years to get a majority of the popular vote twice. Only five other Presidents have done that in all of U.S. history.”

Time managing editor Richard Stengel revealed the cover on Wednesday’s Today show.

The runners-up are (in descending order): Malala Yousafzai, the Pakistani teenager who was shot and nearly killed by Taliban insurgents for defending women’s rights; Apple CEO Tim Cook; Egyptian President Mohamed Morsi; and Fabiola Gianotti, one of the lead researchers working on the discovery of the Higgs Boson.