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The right way to fix this problem is to have the stern re-Awlgripped.
An acceptable, less expensive way may be the solution artbyjody mentions, but how well that turns out may depend on the color of the boat. If it is white, give it a try. My boat is painted in white Imron, we had to sand off the old name, the name artist printed the name on a white vinyl back ground and you can't see the patch more than five feet away or so. Not bad for a few hundred dollars.
If the boat is colored, the match is prabably more challenging, you might try afixing a small swatch of the back ground color material you want to use to see how good that match is before committing to the approach.
If you use a background patch you probably don't need to remove the old name.
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