Best Career Transition process for executives?

You would be wise to consider reinventing yourself. Take a look at the market for your expertise. In this economy, many executive and managerial positions are being eliminated. Early recognition of there being a low expectation of being hired for that job again soon is admirable. Make a list of your skills and abilities that you have as a professional, or "worker bee." If you need to update your training, or change fields, make arrangements to start doing so. Meanwhile, search for jobs in both areas, as an executive and as a professional. The thing is, in this market, you want to obtain a survival job as soon as possible. That is, even at a lower wage, wiser since you are still able to fund the basics and not sink into foreclosure or worse during the job hunt in uncertain times. An additional advantage is that you are adding skills to your arsenal and you should find yourself on top in time.