After enabling Path assistant in Lightning, administrators may notice that they are not able to rename or remove the value 'Converted' at the end of the Lead/Sales path. Although not a picklist value in the Lead 'Status' field, Users are still seeing the stage 'Converted'.
Below are the steps to reproduce the scenario:
The real value of the converted status will show up when users follow these steps:
Consider voting on the idea below to display your converted value in Lead path instead of the generic 'Converted' status.
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