City company restructured board (7)
I believe the answer is:
cordoba
'city' is the definition.
(Cordoba is a city in Spain)
'company restructured board' is the wordplay.
'company' becomes 'co' (abbreviation).
'restructured' indicates an anagram (I've seen 'restructuring' mean this).
'board' anagrammed gives 'rdoba'.
'co'+'rdoba'='CORDOBA'
(Other definitions for cordoba that I've seen before include "City in southern Spain and Spanish explorer" , "spending unit in Nicaragua" , "Spanish destination" , "ready for Nicaragua?" , "Moorish city" .)