Howard Schultz Won't Be Running For President In 2020

Former Starbucks SBUX CEO Howard Schultz said he is abandoning 2020 presidential ambitions.

In January, the lifelong Democrat expressed that he was "seriously thinking" of making a run for the White House in 2020 as a "centrist independent."

Schultz writes in a letter posted on his website Friday, "My belief in the need to reform our two-party system has not wavered, but I have concluded that an independent campaign for the White House is not how I can best serve our country at this time."

Schultz served as CEO of Starbucks from 1986 to 2000 and from 2008-2017. He resigned as CEO and became executive chairman in April 2017. He was succeeded by Kevin Johnson.

Starbucks shares last closed at $95.56. The stock has a 52-week high of $99.72 and a 52-week low of $53.65.

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