ALWAYS GET AN OFFER IN WRITING. Words are shit and so are people.
In his defense this decision was over his pay grade. How he handles discussing the outcome with you is what's important.
The technical word for this is "nepotism." If you're in South Korea, it's called chaebol.
Sounds like it's time to give yourself a Klingon promotion.
I'd bet anything that he's just as mad as you. It was probably a favor trade between his bosses bosses boss and the board member , i've seen that shit way too often.
People who say to get offers in writing don't know how it works in the business sector.
Everything is about trust.
And unfortunately in this situation it was probably a decision that wasn't made by him.
He owes you one. Try to see if could get back to you in some other way. If not, quit.
Oh yes, nothing like sitting in a meeting listening to 'lil johnnie' who works in sales at another company give a report on the project you ran. Even better if he resells the product to the company *AFTER* you have had it deployed for several years.
BONUS: Having your own report read in a meeting line by line as the kid never bothered to read it before the meeting.