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<?php
function change_featured_image_labels( $labels ) {

	$labels->featured_image 	= 'Headshot';
	$labels->set_featured_image 	= 'Set headshot';
	$labels->remove_featured_image 	= 'Remove headshot';
	$labels->use_featured_image 	= 'Use as headshot';

	return $labels;

} // change_featured_image_labels()

add_filter( 'post_type_labels_person', 'change_featured_image_labels', 10, 1 );
?>