Crossword Genius

Bosses once associated with City of London (4)

Ross

I believe the answer is:

exec

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'london' is the definition.
I know nothing about this answer so I can't tell whether it can be defined by this definition.

'bosses once associated with city' is the wordplay.
'bosses once' becomes 'ex' (I can't justify this - if you can you should believe this answer much more).
'associated with' means one lot of letters go next to another.
'city' becomes 'ec' (the City of London postcode).
'ex'+'ec'='EXEC'

'of' is the link.

Can you help me to learn more?

(Other definitions for exec that I've seen before include "big cheese" , "CEO?" , "Board member" , "suit" , "Senior manager (abbr)" .)

I've seen this clue in The Telegraph.
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