For the second time, President Barack Obama has been named Time Magazine’s Person of the Year. The first time the president earned the honor was in 2008, when he became the nation’s first black president, and now having won re-election four years later, Obama stands as a symbol for the ongoing cultural shift in America. Time’s managing editor Richard Stengel revealed the magazine’s choice for 2012 Person of the Year on NBC’s “Today” show.

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The first time Obama received the same honor was back in 2008 when he won election as the nation’s first African-American President.

According to Time, they chose Obama “[for] finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union”.

While on “Today,” Stengel retraced the president’s difficult path to re-election, including startling unemployment rates, the fiscal cliff and gay marriage controversy. However, the editor made it clear that it wasn’t Obama alone who retained the white house, but the rising voice of American minority groups.

“He’s basically the beneficiary and the author of a kind new America – a new demographic, a new cultural America that he is now the symbol of,” Stengel said.

The runners-up are: 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.