When you use the Backup Exec Rename option to rename a backup-to-disk folder, the name changes in Backup Exec, but not on the disk.
You can also change the name of the Windows folder in Windows Explorer.
See Changing the path of a backup-to-disk folder.
Backup-to-disk folder names must not exceed 128 characters. The backup-to-disk path name, which includes the backup-to-disk folder name, must not exceed 512 characters.
To change the name of a backup-to-disk folder