Time magazine has named U.S. President Barack Obama its “Person of the Year.”

The magazine says the president's historic reelection was symbolic of the country's changing demographics. It also called him the “symbol and in some ways the architect of this new America.”

This is Mr. Obama's second time receiving the accolade; Obama, a Democrat and the first African-American U.S. president, was selected for the honor in 2008 after his first presidential election win.

Time awarded a runner-up spot to Pakistani activist Malala Yousafzai. The teenager was shot in the head by Taliban militants earlier this year for standing up for girls' education. She survived the October attack.

Other finalists included Apple CEO Tim Cook, Egyptian President Mohamed Morsi and Italian scientist Fabiola Giannati.