President-Elect Barack Obama has been named Time Magazine’s 2008 “Person of the Year.”

No surprises there.

TIME’s 2007 “Person of the Year” winner was Russian Prime Minister Vladimir Putin.

The publication honors Treasury Secretary Henry Paulson, French President Nicolas Sarkozy, Gov. Sarah Palin, and Chinese director Zhang Yimou as runners-up in this year’s competition.

View Photos of Barack Obama as a College Student In 1980