This simplification positions us well to reduce our Enterprise ordering systems from 10 systems down to three, which will dramatically improve our billing accuracy, it's going to reduce customer care costs, and of course, it's going to improve customer experience overall. We started the year with more than 12,000 Enterprise SKUs and retired more than 60% of them so far just by eliminating legacy products. Next, we made great progress in dramatically simplifying our product portfolio.
On the Q1'23 earnings call, Kate Johnson made the following statement regarding restructuring the business: Instead, the new CEO took another hatchet to the business since taking over on November 7. Lumen had already divested several businesses and cut a ton of low calorie products, positioning the telecom supposedly for the next growth phase exiting 2022. The biggest frustration with the start of new CEO Kate Johnson's term was the odd decision to transform a business just transformed by retiring CEO John Storey. My investment thesis remains Bearish on the stock, though the valuation is more compelling near $2. The telecom stock has mostly traded sideways after the company provided generally stable financial targets for 2023. In just a quarter from the disastrous takeover by the new CEO, Lumen Technologies ( NYSE: LUMN) had fallen another 50% heading into the Q1'23 earnings report.
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