Yeah, he was "promoted".
And as an Ultramarineplaye I fucking love that depending on whose perspective you look at it from, he *really* got demoted if we're being honest.
He lost command of the 2nd.
He went from commanding the most widely known company of space marines in the galaxy to leading a few squads of bodyguards.
While he was commanding the second, he was known for being a duelist and a glory hound, sort of an Ultramarine Ragnar Blackmane. He's half responsible for the defeat on Damnos that lead to the chapter's name getting dragged through the mud, because he was too proud to call for reinforcements. He was leading 80 marines against and entire awakened tomb world, and he thought reinforcements were unnecessary.
The Primarch gave him a job where he can hunt glory and duel and act like a dick all he wants, but he's no longer leading a company, and he's no longer the figurehead of the chapter.
Cato got FUCKED son, and he's too stupid to realize it.