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Default Change label of an embedded-object icon

I inserted a Microsoft Word file as an object on a worksheet, displayed as an
icon. The icon is labelled "Microsoft Word Document." I would like to give
it a more descriptive name, but could not figure out how. Selecting the icon
shows in the formula bar: =EMBED("Word.Document.8",""). Trying to change the
text between either pair of quotation marks gave me the error message "The
text you entered is not a valid reference or defined name."

How do I change the label of the embedded-object icon?