As far as I've noticed, historical division names depend on division commanders only. It is a bit strange. For example, if Markov is killed in action, Markov divison stops being one and immediately becomes a generic infantry unit. Thing is, IRL coloured divisons retained the names of their founders long after Markov's and Drozdovski's deaths.
Probably not the most important issue, but still a big hit on atmosphere and historical plausibility.
I see two easy solutions. First: tie division name to certain regiments. E.g, contains Markov regiment = Markov division. Second, even more easier: allow players to change the names manually, like in Paradox games. Will instantly satisfy every history geek out there and free the devs' time for something more important.