Time Person of the Year: Tech CEOs Make List

Two of the technology industry's most powerful figures have been named runners-up for Time magazine's Person of the Year award. The list of eight finalists includes Yahoo chief executive officer Marissa Mayer and Apple CEO Tim Cook.

Neither won, however. Instead, the honor went to U.S. President Barack Obama, who was re-elected in November after a fierce presidential race with Republican candidate Mitt Romney.

Mayer Trying to Turn Yahoo's Fortunes Around

Both Mayer and Cook made major headlines in 2012.

This past year Mayer took over the helm of one of the technology industry's most troubled companies. With the popularity of its services in rapid decline, Yahoo has experienced several leadership changes in recent years.

But Mayer has already created a significant impact, including major changes to the company's email service. While it's unlikely Mayer will immediately turn things around for Yahoo, she's certainly making an effort.

Cook Carries on Jobs' Legacy

Apple CEO Tim Cook has also been a central figure in the technology industry this past year. The company recently released several popular new products, including the iPad Mini, the iPhone 5, and completely new versions of the iconic iPod digital media player (Touch, Nano, and Shuffle).

Apple has also updated its MacBook line of computers.

But it was Cook's ability to maintain Apple's popularity in the post-Steve Jobs era that earned him a place among Time Person of the Year finalists. (Source: usatoday.com)

When Jobs passed away last year, many industry insiders worried that Cook would be unable to keep the Apple machine running smoothly. It's clear now that he can.

At least one source, however, says Cook and Mayer don't deserve so much recognition. Popular blog The Register suggested honoring Mayer "would be the equivalent of granting a US president the Nobel Peace Prize only a few months into his first term."

As for Cook, The Register says the Apple CEO "has presided over a drop in Apple's stock price from a high of $702.10 on September 19 to this Tuesday's mid-day low of $520.25." (Source: theregister.co.uk)