Exalted was a title given to the greatest and oldest of the Feeorin. The Exalted was the only living being permitted to enter the Sanctum of the Exalted. The position was permanent: Once Exalted, always Exalted.
Jedi Master Feln was the Exalted in 3963 BBY. But when he destroyed the Sanctum, destroying the village, Borjak stabbed him with a knife and his people turned on him. Borjak then became the new Exalted.