Trump, Former NFL player Colin Kaepernick, Amazon head Jeff Bezos, Kim Jong-un, the dreamers and former Federal Bureau of Investigation director Robert Mueller, were also on the shortlist for the award as the company states the person of the year is "for good or ill".
"Its was especially hard this year, a year of so much disruption in the United States in around the world", said Felsenthal.
Time magazine has named the "silence breakers"-mainly women who kickstarted the #metoo movement-as its Person of The Year".
President Donald Trump was runner-up this year, but in 2016 he won the accolade for the "revolution" he stirred in the US.
Robert Mueller - Appointed special counsel following FBI Director James Comey's firing to investigate possible collusion between President Trump's 2016 campaign team and Russian Federation.
On its cover, Time called the people behind the movement "The Silence Breakers". "But it has actually been simmering for years, decades, centuries", Time's story said.
Last month, Trump suggested he was going to be named Time Person of the Year again, but that he turned it down. Tied for third were Kaepernick, Mueller, and Dreamers (undocumented immigrants brought to the U.S.as children) with 5 percent.
Mohammed bin Salman, 32, was also named to the short list.
Kaepernick got his spot as a result of starting his own movement, with his refusal to stand for the national anthem while protesting police brutality back in August 2016 leading to hundreds of other athletes in the the NFL and other sports around the world doing the same.
Last year's finalists were also a mix of political figures and cultural figures, including both Trump and Hillary Clinton, Russian President Vladimir Putin, Beyoncé, and Olympic gymnast Simone Biles. The box-office smash "Wonder Woman" was hailed as a meaningful step forward for the representation of women in media.
It was the 91st year that the magazine has recognized the person or group of people who most influenced the news during the past year. Other controversial choices include Joseph Stalin in 1939 and 1942, Nikita Khrushchev in 1957 and Ayatollah Khomeini in 1979. The title was changed in 1982 to "Machine of the Year" for the computer. The announcement was made Wednesday morning.