WordPress tip: Modify any role name to fit your needs

Simply paste this code into your function.php file. Edit lines 4 and 5 at your convenience.

function wps_change_role_name() { 
global $wp_roles; 
if ( !isset( $wp_roles ) ) $wp_roles = new WP_Roles(); 
$wp_roles->roles['contributor']['name'] = 'Owner'; 
$wp_roles->role_names['contributor'] = 'Owner'; } 
add_action('init', 'wps_change_role_name');

Thanks to Kevin Chard for the tip!