Rename a Team Project Group
You can choose to rename a custom group to better reflect its purpose. To rename a group, you must have read/write permission to the group you are renaming. You cannot rename default groups.
Group names are subject to some character restrictions. For more information, see Naming Restrictions in Team Foundation.
To change the name of a custom group at the project level, you must be a member of the Project Administrators group or your Edit Project-Level Information permission must be set to Allow. To change the name of a custom group at the collection level, you must be a member of the the Project Collection Administrators group or your Edit Collection-Level Information permission must be set to Allow. For more information about permissions, see Team Foundation Server Permissions.
To rename a team project group
In Team Explorer, select the team project that the group is in.
On the Team menu, point to Team Project Settings, and then click Group Membership.
In the Project Groups dialog box, select the group you want to rename, and then click Properties.
In the Team Foundation Server Group Properties dialog box, in the Group Name box, type the new name for the team project group, and then click OK.
Although the previous name of the team project will be prefaced with brackets and the project name in the Group Name field, you must delete the entire name (including the brackets, project name and slash) and type the new name. Brackets and slashes are not allowed in project names. The project name will be appended automatically when you click OK.