1) Locate the server.xml file at C:\Program Files\Citrix\Licensing\LS\conf
2) Take a copy just incase
3) Open server.xml in notepad
4) Locate password=(ENC… example below: (Password here is encrypted)

password=”(ENC-01)Adsdas5$$%$dacd2oNQ+Lsdas56576576476dakjkzUyVf4fhjdfdfsd656564536aaaJCuCiuilllllusbB98985zk2P9iG” passwordExpired=”false” privileges=”admin”/>;

5) Remove the content between password=”    ” and type a new password. As this is plain text, its not secure but will become encrypted further down.
6) Next change the PasswordExpired value from false to true
7) Save the changes
8.) Restart the licensing services. If this is not done, you will not be able to login
9) Login to Citrix license console
10) Login and you will be promoted to change your password. After you have changed your password it will become encrypted.