Chairman's back with directors in passage (7)
I believe the answer is:
narrows
'passage' is the definition.
(channel between two areas of water)
'chairman's back with directors' is the wordplay.
'back' says to take the final letters.
'with' is a charade indicator (letters next to each other).
'directors' becomes 'arrows' (Things that direct e.g. on a sign).
The final letter of 'chairman' is 'n'.
'n'+'arrows'='NARROWS'
'in' is the link.
(Other definitions for narrows that I've seen before include "Loses width" , "Thin straits connecting two bodies of water" , "Gets smaller in width" , "stretch of river" , "Part of River" .)