Former Starbucks CEO Howard Schultz will not run for president after exploring whether to do so earlier this year, he announced in a letter posted online early 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 wrote.

Back in January, the 66-year-old billionaire said he was considering running for president on an independent ticket and hoped to appeal to moderate voters. In June, Schultz cut travel plans to meet with voters short after undergoing back surgeries, postponing his decision to start up an official campaign until after Labor Day.



In his Friday letter, Schultz decried an increasingly polarized two-party system that he said is out of touch with most Americans and has "extreme voices" dominating the "national dialogue."

"I will spend this election cycle and the years ahead supporting bold and creative initiatives to transform our broken system and address the disparity of opportunity that plagues our nation," he wrote.

A potential Schultz bid had raised fears among Democrats that he could be a spoiler in the general election, leading to President Donald Trump's reelection.