Time Inc.

(New York, December 17, 2008)—In the most anticipated issue of the year, out Friday, TIME names President-elect Barack Obama 2008 Person of the Year.

In an exclusive interview, Obama tells TIME:

- On his transition, Obama tells TIME that he had to “accelerate all of our timelines…in appointments, not just on the Cabinet but also our White House team.

- On what “change” means to him: “I don’t think that Americans want hubris from their next President … [But] I do think that we received a strong mandate for change. And I know that people have said, ‘Well, what does this change mean?’ … It means a government that is not ideologically driven. It means a government that is competent. It means a government, most importantly, that is focused day in, day out on the needs and struggles, the hopes and dreams of ordinary people.”

- On the economy: “If we make some good choices, I’m confident that we can limit some of the damage in 2009. And that in 2010 we can start seeing an upward trajectory on the economy.”

TIME managing editor Richard Stengel writes in his Letter to Readers:

- On what TIME’s story about Obama reveals: “David Von Drehle’s masterly story sketches out not only what’s on Obama’s mind, but also reveals new details about how and when he realized that his first 100 days had to start on Nov. 5, the day after voters elected him the 44th President of the United States and the first African American to hold the office.”

- On the cover image: “Our cover portrait is by the street artist Shepard Fairey whose roots are in the skateboarding world and whose early poster of then Senator Obama became the great populist image of the campaign.”

- On TIME’s Flickr photos in the issue: “We open our Person of the Year package with a dazzling array of images culled from those created by thousands of individuals from around the world and posted on the image-sharing site Flickr. Obama always said his candidacy was not about him, but ‘all of you,’ and now, along with Flickr, we’re helping to give ‘all of you’ a voice.”

Plus:

- The issue also includes 26 never-before-seen photographs of Obama that were taken during a photo shoot when he was a freshman at Occidental College in 1980 by fellow student Lisa Jack, who found the stash of negatives in her basement earlier this year and promptly stuck them in a safety-deposit box. The remarkably candid photos show a 20-year-old Obama posing, relaxed and holding a cigarette.

- Craig Robinson, Obama’s brother-in-law, writes about how Obama’s basketball-playing style helped convince Robinson that Obama was the right man for his sister.

Also in the Person of the Year issue: Stories about #2 Henry Paulson, #3 Nicolas Sarkozy, #4 Sarah Palin and #5 Zhang Yimou.

#2. Henry Paulson

- In an exclusive interview, Henry Paulson tells TIME’s Justin Fox, “I’ve always said I don’t want to be irrelevant … But, boy, I do not want to be this relevant."

- Paulson also tells TIME, “I don’t think we’ve made mistakes on the major decisions … We’ve done the right things.”

- Fox writes, “Paulson, 62, has come to play a historic role at a historic time. A lame-duck President has given him near-complete control over economic policy in the midst of an epic financial collapse … Along with his partners in panic, Federal Reserve Chairman Ben Bernanke and Federal Reserve Bank of New York President Geithner—who will take over at Treasury in January—Paulson has led a government economic intervention of a scale never before seen, except perhaps during World War II.”

#3. Nicolas Sarkozy

- British Prime Minister Tony Blair profiles French President Nicolas Sarkozy, writing, “[Nicolas Sarkozy] has put France on the map. He has a high profile and a real standing in the world. You agree or disagree with him: you can’t ignore him. This is not to be underestimated in modern politics. It gives a country traction, it draws in allies, and it helps create a sense that other countries need to befriend a nation on the rise, one whose view counts.”

#4. Sarah Palin

- TIME editor-at-large Nancy Gibbs writes that Sarah Palin made “the most astonishing political debut in modern times,” and that Palin was “a one-woman rescue team for the Republican ticket.” Gibbs continues, “Palin may have lost, but she will now be the place where part of her party at least can park its ambitions for the next year or two … The most interesting thing about the evolution of Sarah Palin will be watching who she becomes, and whether she offers a philosophy that is bigger than her personality, a claim to leadership that rests on more than a wink and a promise.”

#5. Zhang Yimou

- Steven Spielberg profiles Chinese director Zhang Yimou, the man responsible for the opening and closing ceremonies of the 2008 Summer Olympics in Beijing. Spielberg writes, “At the heart of Zhang’s Olympic ceremonies was the idea that the conflict of man foretells the desire for inner peace. This theme is one he’s explored and perfected in his films, whether they are about the lives of humble peasants or exalted royalty … In one evening of visual and emotional splendor, he educated, enlightened and entertained us all. In doing so, Zhang secured himself a place in world history.”

TIME.com and TIMEForKids.com Polls

- With more than 1.2 million votes cast, Barack Obama placed first in TIME.com’s Person of the Year poll, in which he received more than 529,000 votes. Zimbabwe leader Robert Mugabe placed second, followed by Harvard cell biologist Douglas Melton, Tina Fey and Michael Phelps.

- Obama also placed first in the TIMEForKids.com Person of the Year poll, receiving 39.3% of the vote among nine candidates. Michael Phelps placed second with 34.5%. Previous winners of TIME For Kids’ Person of the Year poll have been Miley Cyrus, J.K. Rowling and Daniel Radcliffe.