New York, Dec 18: US President-elect Barack Obama was named by the Time magazine 'Person of the Year' for 2008. The newsweekly said that Obama was selected for his confidence to sketch an ambitious future in a gloomy hour and for showing the competence which made Americans feel that he will pull it off.
US Treasury Secretary Henry Paulson, French President Nicolas Sarkozy, Governor Sarah Palin and Chinese director Zhang Yimou as selected as runners-up.
Time magazine said its 'Person of the Year' selection was done after analysing who was the 'person or persons who most affected the news and our lives, for good or ill, and embodied what was important about the year.'
Russian Prime Minister Vladimir Putin was selected as the 'Person of the Year' in 2007. Previous individual winners include US President George W Bush, Amazon.com CEO and founder Jeff Bezos.
OneIndia News (With inputs from Agencies)