President Donald Trump has disbanded the CEO council that National Economic Council director Gary Cohn created as CEOs were abandoning their posts amid the president’s response to the Charlottesville, Virginia, incidents this past weekend.

Rather than putting pressure on the businesspeople of the Manufacturing Council & Strategy & Policy Forum, I am ending both. Thank you all! — Donald J. Trump (@realDonaldTrump) August 16, 2017

JUST IN: Statement from business leaders that were part of President Trump's strategy council, which has disbanded https://t.co/JOVqUwFe6Y pic.twitter.com/CT2a3XympM — CNBC Now (@CNBCnow) August 16, 2017

The move is a significant blow to the influence of Cohn in the White House. Cohn, who was once rumored to be a candidate for chief of staff, was passed over for Gen. John Kelly when now former chief of staff Reince Priebus resigned. Cohn is still rumored to be a potential candidate for chairman of the Federal Reserve, but his chances at that are now waning too, as his level of control in the White House is dwindling by the minute.

There are reports that Cohn was “disgusted” with President Trump’s response to the Charlottesville incidents during a Tuesday press conference at Trump Tower in New York City.

Gary Cohn, NEC chair — who is Jewish — was 'disgusted' and "upset" by Trump's comments on white nationalists, per 3 ppl with knowledge — Glenn Thrush (@GlennThrush) August 16, 2017

And while he is not planning to leave his post in the administration yet, he is unhappy per other reports:

Gary Cohn said to be deeply upset by last few days, per multiple sources. Not leaving admin but not happy — Maggie Haberman (@maggieNYT) August 16, 2017

The organizational structure that empowered American CEOs–and not small business leaders–was always fraught with potential peril if and when something like this came up. Nonetheless, Cohn and Trump son-in-law and adviser Jared Kushner pushed the president forward in advising the course of action that included the creation of these institutions full of corporatists and globalists that Trump is now disbanding.