It's time to rescind the benefit of the doubt for President Donald Trump, said the CEO and chairman of The Peebles Corporation.

"I'm disappointed in myself that I actually kept an open mind, because at the end of the day, he told us what he was going to do," CEO Don Peebles said Wednesday on CNBC's "Power Lunch."

Trump's unwillingness to categorically denounce racism and anti-Semitism following a violent clash in Charlottesville, Virginia, on Saturday was "astonishing," Peebles said.

"When it comes to racism and anti-Semitism and fairness, you can't walk a gray line," he said.

Trump received intense bipartisan criticism after failing to name and disavow the racist groups in his initial statement, and for appearing to equate those people with counterprotesters who also showed up.

"We condemn in the strongest possible terms this egregious display of hatred, bigotry and violence — on many sides, on many sides," Trump said on Saturday.

Peebles rejected the argument that Trump, in a follow-up statement on Monday, did condemn the white supremacists, KKK members and neo-Nazis who organized and attended the protests.

"What's missing is the fact that he did not stand up and emphatically say that these people have no place in this country, and they have no place in his administration and he does not have their support," Peebles said.

A car allegedly driven by a suspected white nationalist rammed into counterprotesters in Charlottesville, killing one woman and injuring 19 others.