FreightCar America (NASDAQ:RAIL) has found an internal candidate to be its new COO and president. The company named CFO Joseph McNeely to the position, effective immediately.

McNeely, who is to continue in his finance role until a successor is found, has been CFO of the company since 2010. Prior to that, he was vice president of sales and marketing at Mitsui Rail Capital. He also worked at railcar leasing firm GATX.

FreightCar America said that in his new position, McNeely will be responsible for "managing the day-to-day business operations and executing the Company's strategic plan."