you are absolutely correct. If you try to delete the directory and create a new directory with same name, Azure will not allow you to do this for 90 days.
There are different kinds of accounts in Azure. Depending on which account you want to change you will have to follow those steps.
you can check below article to get information on multiple accounts in Azure.
If you want to change the owner account of the subscription then you can follow steps in below article,
Let me know if you have any further questions.
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