From Huffington Post:
Managing editor Richard Stengel unveiled the magazine’s choice on Wednesday’s “Today.” He said it was remarkable that the president won two terms with over 50 percent of the popular vote as a Democrat. He also noted that Obama took office in an economic crisis, and credited him with creating a new political “alignment like Ronald Reagan did forty years ago.”
This is the second time that Time has chosen Obama. The magazine said it named him Person of the Year in 2008 for winning against the odds and becoming the first black president of the United States.