Following in the footsteps of New York Mayor Michael Bloomberg, Starbucks CEO Howard Schultz announced on CNBC Thursday that he is endorsing President Barack Obama for re-election.

Schultz's endorsement is surprising, given his vocal abstinence from politics this election cycle. In August 2011, Schultz called for a halt on campaign donations until both parties found common ground on the country's long-term fiscal issues.

Watch the video of his endorsement below:

*This post was updated with the video at 5:32 p.m.