The Featured Pages Widget is displaying the excerpt of the page. You can edit the excerpt on the page edit screen of each page.
1. Post excerpts are hidden by default. You can enable them under Screen Options – a tiny button in the top right corner of the page edit screen. Click on it and enable the Excerpt with a checkmark.
2. The excerpt field will appear on the bottom of the page edit screen and you will be able to edit the text, which was imported with the demo.