Best way to truncate people's names (to first name, last Initial)

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We have several dashboards /sheets that have people assigned to tasks, sometimes more than one. When the names get long, it can make it hard to fit within the format we're looking for. Wrapping text will increase the row width, while not wrapping means the column has to be very wide.

Question: What's the best way to change format to First Name, Last initial? When I add the name to "My Smartsheet Contacts" I now see everyone's name listed twice and the "Account Contact List" is always on top and becomes the default selection.

Is the only/best way to do this is to have the Admin truncate the names in the "Account Contact List" for me?

Thanks!

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