Cannot view logo in excel view

Steps to reproduce the problem

1. Issue navigator
2. Views > Excel (any option)
3. Open in Excel you get an error where the logo should be

   The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer and open the file again. If the red x still appears you may have to delete the image and insert it again.
   

When the same file is opened with open office the table formatting is slightly off but the image displays correctly.