How to replace "My Account" with the customer name

Question

After Login i want to replace the "My Account"(Dropdown with links) With "Hi,FirstName" post login ?
How do i do that , I am not talking about welcome message ,

Answer 1

In File app/design/frontend/rwd/default/template/page/html/header.phtml

Replace

 <span class=<div class="account-cart-wrapper">
                <a href="<?php echo $this->helper('customer')->getAccountUrl(); ?>" data-target-element="#header-account" class="skip-account">
                    <span class="icon"></span>"label"><?php echo $this->__('Account'); ?></span>

With

        <div class="account-cart-wrapper">
                <a href="<?php echo $this->helper('customer')->getAccountUrl(); ?>" data-target-element="#header-account" class="skip-account">
                    <span class="icon"></span>
                    <?php 
    if(!Mage::getSingleton('customer/session')->isLoggedIn()){
        ?>
        <span class="label"><?php echo $this->__('Account'); ?></span>
        <?php
    }else{
        ?>

        <span class="label"><?php echo 'Hi, '.Mage::getSingleton('customer/session')->getCustomer()->getFirstname(); ?></span>
        <?php
    }
?>

Answer 2

same page of welcome message

app/design/frontend/rwd/default/template/page/html/header.phtml line 67

 <a href="#header-account" class="skip-link skip-account">
                        <span class="icon"></span>
                        <span class="label"><?php 
if (Mage::getSingleton('customer/session')->isLoggedIn()) {
          echo Mage::getSingleton('customer/session')->getCustomer()->getName();
        }else {echo $this->__('Account'); } ?></span>
                    </a>

Answer 3

This is my code:

<div class="switcher top-links" id="top-links">
                    <span class="name" data-mage-init='{"dropdown":{}}' data-toggle="dropdown">
                            <span><span class="hidden-sm hidden-xs"><?php echo __('My Account ')?></span><i class="fa fa-user hidden-lg hidden-md"></i><i class="fa fa-angle-down"></i></span>       
                    </span>
                    <ul class="menu dropdown switcher-dropdown ui-dialog-content ui-widget-content" style="display:none;" data-target="dropdown" data-mage-init='{"dropdownDialog":{
                            "appendTo":"#top-links",
                            "triggerTarget":"#top-links > .name",
                            "closeOnMouseLeave": false,
                            "triggerClass":"active",
                            "parentClass":"active",
                            "defaultDialogClass":"dropdown-menu",
                            "buttons":null}}'>
                        <?php echo $block->getChildHtml('top.links') ?>
                    </ul>
                <?php echo $block->getChildHtml('top.links') ?>
                </div>

This is my code what should do? I want also same functionality