Unable to update site collection administrators (4322457)

When updating the site collection administrator through the Change Site Collection Settings > Admin and Quota Settings action in the Content Matrix Console, an error message similar to the one below is encountered:

1. Launch the Content Matrix Console.
2. Right-click on the site collection and select Change Site Collection Settings > Admin and Quota Settings.
3. Enable the "Set Site Collection Admins" option, and then add the new site collection administrator. Make sure to separate the accounts using a semi-colon (;).
4. Click OK.
5. Repeat step 2-3, remove the old site collection administrator, and then click OK.