changes, with Clarence Gooden appointed president. The company went through major leadership changes in 2017 when activist investor Mantle Ridge, a hedge fund that held 4.9% of CSX's stock, demanded a change in the board, that Michael Ward step down as CEO, that the company cut middle management, and that the company hire Hunter Harrison, known for leading the turnaround three other railroads, as CEO. Within months of Harrison's hiring in spring 2017, several members of CSX's executive management team stepped down. Harrison died on December 16, 2017 and shortly thereafter Chief Operating Officer James M. Foote was named president and chief executive officer. In March 2018, Foote, said CSX would follow-through on Harrison's plans to transform the company and move it from a traditional railroad model to a scheduled railroad model in order to reduce costs and improve the quality of service. Part of this effort includes reducing the number of locomotives in service from 3,000 in late 2017 to between 2,370 and 2,420 in 2020. The company also plans to reduce the number of rail cars it owns from 136,000 in late 2017 to between 104,000 and 109,000 in 2020. In 2017, CSX cut its workforce by 3,300 employees. In 2018, roughly 2,200 jobs were cut. A further reduction of 4,000 positions is planned by 2020. CSX estimates that after these cuts it will have a workforce of about 21,000 people. CSX is also trying to increase profits by monetizing some of its real estate. As of early 2018, the company planned to generate $800 million by 2020 by selling off some railroad lines and other real estate. As of the same date, CSX held real estate in 23 states, the District of Columbia, and two Canadian provinces. Officers Presidents Hays T.(Thomas) Watkins, Jr. (1980 – April 1989) John W. Snow (April 1989 – 2003) Michael J. Ward (2000 – 2015) Oscar Munoz (February 11, 2015 – ) Clarence W. Gooden ( – May 31, 2017) Fredrik J. Eliasson (February 15, 2017 – ) E. Hunter Harrison ( – December 16, 2017) James M. Foote (Acting: December 16, 2017 – December 22, 2017, Full: December 22, 2017 – September 26, 2022) Joseph Hinrichs (September 26, 2022 - Present) Chief Executive Officers John W. Snow (April 1989 – 2003) Peter Carpenter (1992 – 1999) Oscar Munoz (2015 – ) Michael J. Ward ( – February 21, 2017) E. Hunter