You may have the embedded item coded into welcome.tpl within the {if} that looks to see if the customer is logged in? Try putting the embedded item AFTER the closing {/if} - or place it 2 or 3 times (once if logged in, and again in the "else")
After this code:
Code:
{if ($active_modules.Greet_Visitor ne "") and ($smarty.cookies.GreetingCookie ne "") and $logout_user eq ''}
{assign var="_name" value=$smarty.cookies.GreetingCookie|replace:"\'":"'"}
<h3>{$lng.lbl_welcome_back|substitute:"name":$_name} </h3>
{elseif $lng.lbl_site_title}
<h3>{$lng.lbl_welcome_to|substitute:"company":$lng.lbl_site_title}</h3>
{else}
<h3>{$lng.lbl_welcome_to|substitute:"company":$config.Company.company_name}</h3>
{/if}