|The first suggestion is to avoid taking actions that permanently impact your earnings or career when you are furious. This applies doubly during uncertain economic times.|
You need a cooling-off period to process what has happened. Let a few weeks go by, check out your new manager and see how you feel about working under this individual. You have plenty of time to figure out what to do, and you have plenty of options as well.
During this period, you should meet with your previous manager to see if you can learn more about the rationale behind bringing in a new manager. Perhaps there are training or performance issues that blocked your advancement. Try to find out the kinds of specific steps that he or she would like you to take in order to be considered for the next promotion, and then take them.
It should not take long for you to determine if you can work productively and comfortably with your new manager. If he or she is an excellent manager, this could be an excellent opportunity for you to learn, build your skills, and set the stage for advancement, whether at this company or elsewhere. At the same time, if your new manager is nothing special, you should start looking for a situation that is special, whether through a transfer or a job change.