The executive told CNN's Poppy Harlow in a Facebook Live interview Wednesday that he is backing Hillary Clinton's White House bid.
"Hopefully, Hillary Clinton will be our next president," he said ahead of the CNNMoney American Opportunity conference in New York.
When Harlow asked whether the statement meant Schultz was officially endorsing Clinton, he replied, "I think I just did."
Schultz is no stranger to politics. He endorsed Barack Obama in 2008 and 2012. According to campaign finance website OpenSecrets, he has a long history of supporting Democratic candidates, donating to Obama and John Edwards in the 2008 election cycle and Congressional candidates like Terri Sewell, Maria Cantwell and Patty Murray. He does not appear to have made any monetary contributions yet this election cycle.
Schultz reportedly toyed with the idea of a presidential bid of his own this year but ultimately decided against it. In his interview with Harlow, he provided some potential insight as to why.
"Is it the carcinogenic issues that are so divisive in Washington or is it the lack of personal leadership? And I don't know what the answer is, but I determined for myself that at this time I can do more as a private citizen and as the CEO of a public company to advance the causes that I think are important for our country and for the company," he said.
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He also discussed the tone of the current election.
"I think we're all rightfully concerned about the promise of the country and the American dream. I think this election cycle has, unfortunately, created such divisiveness and vitriolic behavior, the likes of which we have probably never seen before. I'm hopeful that after the election -- and, hopefully, Hillary Clinton will be elected president -- that we will begin to see a level of unity and people coming together," he said. "I am optimistic and positive about the future of the country, and mainly because I have such faith and confidence in the American people."
It comes as little surprise that Schultz would back Clinton over her rival, Republican nominee Donald Trump, and not only because of his politics. Last year, Trump suggest his supporters boycott Starbucks over the company's red holiday cups.
Schultz isn't the first high-power executive to come out in favor of Clinton. In June, the Clinton campaign released a list of the former secretary of state's business backers, including Facebook's (FB) - Get Report Sheryl Sandberg, Alphabet's (GOOGL) - Get Report Eric Schmidt and Berkshire Hathaway's (BRK.A) - Get Report(BRK.B) - Get Report Warren Buffett. Hewlett Packard Enterprise's (HPE) - Get Report Meg Whitman, a Republican, and media magnate Michael Bloomberg have come out in support of Clinton as well.
Netflix (NFLX) - Get Report CEO Reed Hastings said in a statement over the summer that he believes Trump "would destroy much of what is great about America," while Clinton is the "strong leader we need." Basketball star and Magic Johnson Enterprises CEO Earvin "Magic" Johnson commended her "decisiveness, pragmatism and calm demeanor," and Zynga (ZNGA) - Get Report cofounder Mark Pincus gave nod to her "proven record of fighting for the American people."
As Election Day draws nearer, we may see more executives weighing in on American politics. Schultz appears to believe such a shift may be necessary.
"The responsibility and the rules of engagement for a public company today are much different as a result of failed leadership and fracturing and polarization in Washington, businesses and business leaders much do more for their employees, the communities they serve," he said.
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