Thank you everyone for taking the time to reply, I got called into a late call with a customer so I didn't get a chance to come back to this yesterday.
To try and answer the questions asked, we're a fair sized company, about 450 globally
So the structure we have is
CEO
X - New manager above my first manager
A - My first manager
Y - New hire that was supposed to be my peer but is now managing me
Me
X and Y know each other and have worked together previously, which may have impacted the decision to hire them. Oddly enough both A and I didn't rate Y, but the decision was made by X
I don't know about Salary, but Y has definitely been given a higher ranking title than me, my role was originally advertised as a 1 title, but on offer they changed it to one lower, when I queried this I was told they were no longer using that title as they were trying to standardise all titles so the aligned with the structure, stupidly I believed them, but Y has been hired with that level title.
Prior to Y being hired I actually covered his role, and I suggested I was happy to do so permanently. I was told by the CEO that they wanted to keep the two teams separate, so they would hire someone at my level to manage what is now Y's team, so me reporting into Y, just goes against what the CEO originally said.
I did speak to A when I first discovered I would be reporting into Y, he said he completely understood why I would feel less than positive about it, but he had been through the same with X and actually spoken to the CEO about it, the CEO's response was a load of bollocks in my view, something along the lines of "reporting structure doesn't matter, job titles don't matter, we're here to do a job, progression is measured less in upwards climb but more in covering new and exciting areas of the business"
HR are next to useless, they've made it very clear that that will back the company, and not assist the staff (other issues, not mine, where people have had their objectives changed the week before they were due to be delivered so didn't get their bonus)
I loved the job, and to be honest leaving would be difficult, partly because I've not done a full year and I don't want that affecting my CV, but I do have a lot of flexibility and I am being paid exceptionally well, for the industry, so I'm kind of taking the view that I shall shut up and keep my head down.
I just feel like I've been lied to over and over again, that said I've been very careful not to say that to anyone in the business and have kept myself professional at all times, as I don't want them to be able to label me as being emotional, and use that as an excuse against me.