Howard Schultz, former CEO of Starbucks, announced he will not run for president in 2020.

In a letter on his website Friday, Schultz said that running for president "is not how I can best serve our country at this time."

The former CEO announced in January that he was considering an independent presidential bid with the intention "to represent millions of Americans who want to see problem solving, accountability, compassion and decency in our federal government."

"I was fueled by a love of country, a profound concern for people's well-being, and optimism about our nation's potential to live up to its ideals," Schultz wrote.

He accused Democrats and Republicans of choosing "party over country" and blamed them for failing to "solve big problems and enact solutions," which motivated him to explore an independent presidential bid.

However, Schultz continued, not enough people are willing to support an independent run "because they fear doing so might lead to re-electing a uniquely dangerous incumbent president."

Additionally, Schultz said he is not willing to risk submitting his name for the ballot without knowing who the Democratic nominee is. He also said that a back injury in April and subsequent surgeries "have required a level of recovery that has prevented me from continuing my travels and engaging with people to the degree that is necessary."

Rather than running, Schultz will spend the election cycle "supporting bold and creative initiatives to transform our broken system and address the disparity of opportunity that plagues our nation."