If you do a search on this forum for "rename directory" you will find a discussion of renaming directories, with an example (the last respondent) that worked when I just tried it with LabVIEW 7.1.1 on WindowsXP Pro sp 2. It uses a dll call, so it isn't a "native LabVIEW" function, but it appears to work in my limited trials.
Putnam Monroe
PutnamCertified LabVIEW Developer
Senior Test Engineer North Shore Technology, Inc.
Currently using LV 2012-LabVIEW 2018, RT8.5

LabVIEW Champion