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open(CUST, "cust_info.txt");
while (<CUST>) { print ((split ('\|'))[1], "\n"); }

open(CUST, "cust_info.txt");
while (<CUST>) {
...
    $full_name =~ s/(\w)\w*\s+(.+$)/$1. $2/;
    print $full_name, "\n";
}