The initiative is part of the president's overall job creation agenda.
"President Trump plans to continually seek information and perspectives from a diverse range of business leaders," the White House release said, "on how best to promote job growth and get Americans back to work again."
While the group is expected to offer input, the White House said it will not seek a consensus of the members on specific recommendations.
Among the business leaders participating are Plank, Bill Brown of Harris Corp., Michael Dell of Dell Technologies, Jeff Fettig of Whirlpool Corp., Mark Fields of Ford Motor Co., Andrew Liveris of the Dow Chemical Co., Mario Longhi of U.S. Steel and Ken Frazier of Merck & Co.
The first series of meetings were organized by Liveris.
The release did not specify how frequently the group would convene. It said the attendees "may or may not change from session to session, but the specific agenda subjects will likely change because of the importance of this issue to the American economy and its workers."
On Monday, Plank attended the group's first meeting.
“Under Armour is committed to developing innovative ways for businesses to support and invest in American manufacturing," said Diane Pelkey, Under Armour senior vice president for global communications.