Russian President Vladimir Putin was named TIME Magazine “Person of the Year” for 2007 on Wednesday. Putin is heralded from restoring stability to his country. He recently won a big victory in the Russian parlimentary elections. Runners up included Al Gore and J.K. Rowling, among others.

Putin was a former KGB spy in East Germany and headed FSB, the successor organization to the KGB. In August 1999, he was chosen by President Boris Yeltsin as prime minister. When Yeltsin stepped down three months later, Putin became acting president. He was then elected president the following March.

During Putin’s years of power, there has been a significant rise in the living standards in Russia. Though he is popular, he will not be attempting to secure a third consecutive term. Instead, he will be stepping down early next year but intends to still maintain some political influence in Russia.