PowerCLI error after vCenter Server upgrade

After upgrading to vSphere 6.7, a PowerCLI script aborts with this error message:

To resolve the issue, retype the password in the VMcustomization specifications (under Policies and Profiles). Edit the customization specifications and retype the password under the following two preference points:
– Administrator password
– Workgroup or domain

Remove VMware VIBs/VIB conflict

Store VMware PowerCLI login credentials

Connect to VirtualCenter Server and enter credentials

Save the credentials to the credential store file (By default the credential store file is stored – encrypted – under the user profile directory)