In an interview with The Wall Street Journal , Schmidt said his support is on a personal level and not related to various issues Google has been involved in with the government.
The U.S. Justice Department is investigating antitrust issues regarding Google/Yahoo advertising. Google has also been heavily involved in lobbying the government concerning unlicensed frequencies of TV white space.
Schmidt told The Journal that his support for Obama is a "natural evolution" from his role as an informal adviser to the senator.
"I'm doing this personally," he told the paper. "Google is officially neutral in the campaign."
Regardless of his political leanings, Schmidt told the paper he believes the Justice Department will remain impartial when it comes to Google.
"My sense is, the Justice Department makes judgments on these issues independent of politics," Schmidt told the paper. "It would be unfair to Justice to imply [that supporting Sen. Obama] would make a difference."
Schmidt is expected to hit the campaign trail with Obama on Tuesday in Florida and participate on a panel about the economy, the paper said.
On the other side, Republican presidential candidate Sen. John McCain has garnered the support of several technology heavy hitters including Cisco Systems CEO John Chambers; Meg Whitman, former CEO of eBay; and former Hewlett-Packard CEO Carly Fiorina.
Fiorina was forced out of HP in 2005 and received a $21 million golden parachute. Although she remains an influential figure in the world of business, she has proved to be somewhat of a thorn in McCain's side.
In an MSNBC interview, Fiorina said she didn't think Republican vice presidential candidate Sarah Palin was capable of running a company, but that it didn't matter because that would not her role.
However, she went on to say, "I don't think John McCain could run a major corporation."
She then added that she didn't think Obama or Democratic vice presidential candidate Joe Biden were capable as well.
Subsequently, a source close to McCain told CNN that Fiorina would be discouraged from speaking with the media, at least for a while, reported CNN.
"Carly will now disappear," the source told CNN. "Senator McCain was furious."
