How do you handle moving from management to an individual contributor on a resume?

I am currently employed in a corporate communications role. Recently, due to our effort to reduce administrative costs, our department reorganized. As a result my position as a manager was eliminated. However, I was offered another position as an individual contributor. In this new capacity I have maintained my previous grade level and compensation. Actually on both a personal and professional level, this move has been wonderful. I am doing new tasks and learning new skills that will only bolster my resume -- and make me more marketable.

However, obviously my resume lists my positions, the last ten years of which were in management. Now my title is senior specialist.

Does anyone have any advice on how to position this new role on my resume? In terms of title it could be construed as a demotion. However, in my mind I have never been happier (can I put that on my resume!?!) and I have truly elevated my skill set. In today's economy, does it matter? Is it understandable? Any insights would be appreciated.