Howard Schultz Won't Be Running For President In 2020

Former Starbucks (NASDAQ: 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.

Related Links:

Starbucks Shares Tick Lower On Slow Growth Reports

'A Watershed Year': Why Cannabis Policies Matter More Than Ever For 2020 Presidential Hopefuls