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There's a 1984 Watchtower article which comments on this pair of scriptures. The conclusion drawn is that the "name" which Jesus inherited is his position, or reputation, as King. This is the definition of "name" that people refer to when they talk about "making a name for yourself."
True, the apostle Paul wrote to the Hebrews: “He [Jesus] has become better than the angels, to the extent that he has inherited a name more excellent than theirs.” (Hebrews 1:4; Philippians 2:9, 10) However, this describes his situation after his having been here on earth. He was still the archangel and “the beginning of the creation by God.” (Revelation 3:14) But he became better than the angels. The ‘more excellent name’ or position is something he did not possess before coming to earth. (These scriptures contradict the Trinitarian concept that the Son is and always has been equal in every way to the Father.)
Hence, the fact that Michael is the archangel, chief of the angels, the fact that he stands up to rule as King, and the fact that he takes the lead in casting Satan out of heaven at the time of the birth of God’s Kingdom all lead us to just one conclusion: ‘Michael the great prince’ is none other than Jesus Christ himself. —Daniel 12:1.
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Jehovah’s Witnesses are non trinitarian. As such we believe that Jehovah alone is Almighty God. He does not share his name with any other being. ( Is 42:8)
Jesus is the very first thing that the infinitely existing Jehovah God created. (Col 1:15). As the master worker (Prov 8:30) Jesus is the one through whom Jehovah accomplished all other creative works (Col 1:16)
As non trinitarians Jehovah’s Witnesses understand various scriptures differently than those who are trinity believers.
When a Jehovah’s Witnesses reads that the resurrected Jesus has been exalted to the highest position above all other creation and given a name above all other names, it never means that he has become equal to or greater than Jehovah God. Instead we understand that Jehovah has exalted Jesus to the highest office and given him a name or title above all other created beings in the universe.
An illustration that might fit here is of a highly talented company worker being given the name or title of CEO by the founder and owner of the company. This worker now has authority over all other workers and authority to conduct the company’s business signing contracts making purchases etc.. He has become the head of the company and bears responsibility for the success or failure of the business. The boss. That is Jesus . Still there is the one who has authority over him the founder and owner. That is Jehovah.
It is in this exalted position that Jesus serves also as the only pathway of approach to Jehovah through prayer. Commenting on this exalted position is an article in the Watchtower below are some salient portions:
Jesus spent most of his final night giving encouragement to his faithful apostles. It was the appropriate time to reveal something new. “I am the way and the truth and the life,” Jesus said. “No one comes to the Father except through me.” Later he gave them the reassuring promise: “Whatever it is that you ask in my name, I will do this, in order that the Father may be glorified in connection with the Son. If you ask anything in my name, I will do it.” Toward the end of his discussion, he said: “Until this present time you have not asked a single thing in my name. Ask and you will receive, that your joy may be made full.” —John 14:6, 13, 14; 16:24. These words were striking. One reference work describes this as “the turning-point in the history of prayer.” Jesus did not intend that prayer should be diverted from God to him. Instead, he was opening up a new way of access to Jehovah God.
Praying in Jesus’ name honors Jesus. Such honor is appropriate, for Jehovah’s will is that “in the name of Jesus every knee should bend . . . , and every tongue should openly acknowledge that Jesus Christ is Lord to the glory of God the Father.” (Philippians 2:10, 11) More important, though, praying in Jesus’ name glorifies Jehovah, the one who gave his Son for our benefit. —John 3:16.
According to Vine’s Expository Dictionary of New Testament Words, the Greek word translated “name” can refer to “all that a name implies, of authority, character, rank, majesty, power, [and] excellence.”
JESUS’ VITAL ROLE To grasp fully Jesus’ role, consider some of the titles, descriptions, and names applied to him.
• Amen. —2 Corinthians 1:19, 20; Revelation 3:14.
• Apostle. —Hebrews 3:1.
• Chief Agent of Life. —Acts 3:15.
• Christ/ Messiah. —Matthew 16:16; John 1:41.
• Eternal Father. —Isaiah 9:6.
• Faithful Witness. —Revelation 1:5.
• Fine Shepherd. —John 10:11.
• Head of the Congregation. —Ephesians 5:23.
• High Priest. —Hebrews 4: 14, 15.
• Immanuel. —Matthew 1:23.
• Judge. —Acts 10:42.
• King. —Revelation 11:15.
• Lamb of God. —John 1:29.
• Last Adam. —1 Corinthians 15:45.
• Leader. —Matthew 23:10.
• Lord. —John 13:13.
• Mediator. —1 Timothy 2:5.
• Michael the Archangel. —1 Thessalonians 4:16; Jude 9.
• Mighty God. —Isaiah 9:6.
• Prince of Peace. —Isaiah 9:6.
• Savior. —Luke 2:11.
• Son of God. —John 1:34.
• Son of Man. —Matthew 8:20.
• Teacher. —John 13:13.
• The Word. —John 1:1.
• Wonderful Counselor. —Isaiah 9:6.
So a brief answer to how Jehovah’s Witnesses view Jesus inheriting the highest name is to say this name is highest name of all created beings in heaven or on earth,and the only name that gives us access to Jehovah. The only name the creator Jehovah recognizes as having the authority to redeem sinful mankind. But the name Jehovah is not shared with Jesus.
Elaborating on what is in a name as relates to Jesus Christ the volume Insight on the Scriptures says
Because of remaining faithful to the very death, Jesus Christ was rewarded by his Father, receiving a superior position and “the name that is above every other name.” (Php 2:5-11) All those desiring life must recognize what that name stands for (Ac 4:12), including Jesus’ position as Judge (Joh 5:22), King (Re 19:16), High Priest (Heb 6:20), Ransomer (Mt 20:28), and Chief Agent of salvation. (Heb 2:10)
Christ Jesus as “King of kings and Lord of lords” also is to lead the heavenly armies to wage war in righteousness. As executioner of God’s vengeance, he would be displaying powers and qualities completely unknown to those fighting against him. Appropriately, therefore, “he has a name written that no one knows but he himself.” —Re 19:11-16.