Bannon's job has been in question, with Trump refusing Tuesday to say he had confidence in him.
Frazier departed following Trump's apparent unwillingness over the weekend to single out white supremacists.
"Now, I have to tell you, some of the folks that will leave, theyre leaving out of embarrassment because they make their products outside".
"For every CEO that drops out of the Manufacturing Council", he tweeted, "I have many to take their place". A new White House statement on Sunday explicitly denounced the Ku Klux Klan and neo-Nazi groups, but it was attributed to an unnamed spokesperson and not the president himself.
First it was the leader of a major USA pharmaceutical, then the CEO of an athletic gear company, and before the day had ended, the chief executive of a $170 billion tech giant.
Krzanich called on all leaders to condemn white supremacists.
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A Chicago homeowner killed a man, a woman and a teenage boy - who broke into his home on the Southeast Side Sunday evening. Almost an hour before that, a man was hurt in a drive-by shooting in the South Side Auburn Gresham neighborhood.
Frazier and his compatriots joined the ranks of Elon Musk of Tesla, Bob Iger of Walt Disney, and Travis Kalanick of Uber Technologies - executives who walked away from business panels Trump touted, taking the unusual steps of publicly distancing themselves from a sitting president. Most of the CEOs had already chose to leave the group, but on the call they came to a collective decision to dissolve and started drafting a public statement.
Trump refused to condemn white supremacists, choosing instead to denounce violence "on all sides". I hope this will change, and I remain willing to serve when it does.
There are several tech leaders also on Trump's manufacturing council, including Intel CEO Brian Krzanich, GE Chairman Jeff Immelt, Dell CEO Michael Dell and Corning CEO Wendell Weeks. The official, who insisted on anonymity to discuss private conversations, said the panels were informal rather than a set body of advisers.
"He's anxious about his reputation being trashed, which is much more valuable to him than anything else", the former administration official, speaking on condition of anonymity, said of Cohn.
Many corporate leaders have faced a lose-lose scenario in which any choice involving politics can alienate customers, not to mention a USA president who has shown a willingness to personally negotiate government contracts.
Frazier said in his statement that his decision was made not only as CEO of Merck, the country's third-largest pharmaceutical company, but as a "matter of personal conscience".
Athens: Wildfire sends residents packing to the beach
Campsites also have been evacuated as a precautionary measure. More than 70 died in 2007 during the worst fires in decades. Officials said inhabited areas were not in direct danger.
A parade of prominent Republicans and as well as the United Kingdom rebuked Mr Trump after his comments on Tuesday about Saturday's bloodshed further enveloped his seven-month-old presidency in controversy. Merck has 25,000 US employees in all 50 states and has invested $50 billion in research and development since 2010, primarily in the United States.
The manufacturing jobs council had 28 members initially, but it has shrunk since it was formed earlier this year as executives retire, are replaced, or, as with Frazier, Musk, Plank and Krzanich, resign. On Under Armour's Facebook page Tuesday, customers who supported Trump threatened to boycott the athletic clothier.
The departures underscore the dilemma facing corporate chief executives at a highly polarized and partisan time, said David Ulrich, professor of business at the University of Michigan's Ross School of Business and a partner at the consulting firm RBL Group. However, Under Armour engages in innovation and sports, not politics.
Members of the Strategy and Policy group, led by Blackstone CEO Stephen Schwarzman, concluded after a 45-minute conference call in the morning that they would end the council and announce their decision in a statement, according to two people familiar with the discussions.
The council is supposed to meet occasionally to share insights with the president on job growth.
Other leaders, including Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan, made forceful anti-racism statements - but steered clear of mentioning Trump and his comments.
Tottenham's Davinson Sanchez deal hijacked by Real Madrid
However, Colombian news outlet Gol Caracol is claiming Real Madrid have made a €45m bid (around £41m). As for Tottenham, the still remain the only Premier League club yet to sign a player this summer.
-12:45 p.m.: Campbell CEO Denise Morrison resigns. Our company has long fostered an environment of acceptance and tolerance in the workplace.