A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data.
This is normal behavior.
The Named Reference always returns an array of values {"Michael";"George";"Henry"} (as shown in column 2 of the Name Manager).
If the Name happens to be in the same row as the original, it will show the value from that particular row. If not, it will show a #VALUE! error.
You can confirm that all three names are being returned by selecting the formula in the formula bar, and hitting <F9>
If you want to return a particular member of that array, embed the Name in an INDEX function:
=INDEX(Users,1)
will always return Michael, no matter what row it is on.