Peter's original name was Simon bar Jonah (Simon, son of Jonah). It was, in fact, Christ who changed Simon's name to Peter, meaning "the rock", because Christ would build His church on Peter, the leader of the disciples. In Matthew 16:16, Simon declared to Jesus, "You are the Christ, the Son of the living God." In response, In Matthew 16:17-18, Jesus answered, "Blessed are you, Simon son of Jonah, for this was not revealed to you by man, but by my Father in heaven. And I tell you that you are Peter, and on this rock I will build my church, and the gates of Hades will not overcome it."
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Prior to Peter coming to earth, he, along with all of the other spirits sojourned in the spirit world. God saw that many of these spirits were noble and great ones. He said that these He would call as His leaders when they eventually came to earth. Peter was one of these noble and great ones. He was therefore foreordained to be the leader of the church even before he came to earth. Remember foreordination is different to predestination.
God knew the mind of Peter as He did all of the apostles who were called to guide the church after the death of Christ. He knew what each would do under a certain circumstance. Peter did not let God down, but fulfilled the responsibility God gave him, that of being leader of the new church after Christ died.
Peter still had to be tried and tested but he came through with flying colours.
Jesus gave His disciple Simon the name Cephas, the Aramaic word for stone, because he was to become the foundation on which Jesus would build His church. The Greek word for stone or rock is petros, and in Latin it's petra.
Jesus changed the name of Simon to to Peter. Which means the rock, on this rock will I build my church,the early church that is.
The name of the apostle was Simon bar Jona. Jesus named him Peter to signify that he would be the rock upon which the confession of faith would be based.
Please note Simon did not change his name to Peter, Jesus changed it to Peter, it means rock. Jesus said you are Simon i shall call you Peter, on this rock I will build my church.
It is symbolic of Simon leaving behind his old life and becoming the rock (Petrus) upon which Our Lord would build his Church.
Nobody knows the mind of God but he saw something in Peter that other people missed. Most would have placed him near the bottom of the list of potential candidates.