Answer: Many people derail their careers by refusing to recognize weaknesses, so congratulations on your willingness to change. If you would prefer to stay where you are, then you might as well try to rehabilitate your reputation. To assess the odds, have a talk with your boss and anyone else involved in your “un-promotion.”
Describe how this personal transformation has altered your perspective. Provide specific work-related examples to illustrate your changed behavior. If you hope to return to supervising others, explain how your style will now be different. Finally, ask for a chance to demonstrate your new approach. Offer to lead a project team, head up a committee or assume some other leadership role.
If you get another chance, make the most of it. But if not, just be thankful for lessons learned and begin to explore other options. You might actually enjoy having a fresh start.
Need to make some personal changes? Here's a roadmap for self-improvement: How to Change Problem Behaviors.