I've led several such re-organisations in my executive career, and always suggest the following:
First, it's okay to feel disappointed that your role is eliminated/changed. Don't bury those feelings. Work through them, and find your way to the positive attitude.
Then ask yourself the following:
Were you passionate about the job you were doing and the track you were on? If yes, then find a way to pursue that kind of role elsewhere (and just take either of the jobs to keep you in employment while you find it!)
Of the two jobs... if you love the company enough to stay, and assuming all things relating to salary and benefits remain equal, consider:
Which role best offers opportunities to develop skills you want to acquire (lead more people, manage bigger budget, total ownership of projects etc ...)
Does one of the roles put you closer to a leader you are inspired by?
Do a brain-led pros and cons list ... then a heart/gut-led pros and cons list. How do they differ?
Which of the roles best lends itself to skills you already have so you can progress more quickly in it?
And don't forget to ask if they'll consider a "salary adjustment" ... if you were close to the promotion window in your existing role, as if they'll make the bump for you now. For example, if you responsibilities and salary did not actually reflect the day-to-day role you played, ask if they can adjust for that now.
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