To change the label of an embedded-object icon in Microsoft Excel, follow these steps:

1. Double-click on the icon to open the embedded object.
2. In the embedded object, click on the File menu and select Properties.
3. In the Properties dialog box, you will see a field labeled "Title." This is where you can change the label of the embedded-object icon.
4. Type in the new label you want to use for the icon in the Title field.
5. Click OK to save the changes and close the Properties dialog box.
6. Close the embedded object and return to the Excel worksheet. You should now see the new label displayed on the icon.

Note that changing the label of the embedded-object icon does not change the name or contents of the embedded object itself. It only changes the label that is displayed on the icon in the Excel worksheet.