Tim Cook named runner-up for Time's Person of the Year

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Time on Wednesday announced President Barack Obama as the magazine's Person of the Year 2012, with Apple CEO Tim Cook being a runner-up next to Pakistani schoolgirl Malala Yousafzai, Egyptian President Mohamed Morsi, and scientist Fabiola Gianotti.

In Time's runner-up profile, the magazine described Cook as "the Technologist" who took over as CEO of the biggest company in tech shortly before legendary tech innovator and Apple cofounder Steve Jobs died in 2011.

"He inherited the most valuable company in the world from one of the greatest innovators in history. In 2012 he made Apple his own," Time said.