Times editor's leader subject to deletion (5)
I believe the answer is:
erase
'subject to deletion' is the definition.
(to erase something is to delete it)
'times editor's leader' is the wordplay.
'times' becomes 'eras' (era is a kind of time).
'leader' says to take the initial letters.
The initial letter of 'editors' is 'e'.
'eras'+'e'='ERASE'
(Other definitions for erase that I've seen before include "Eliminate" , "Blot out" , "Kill" , "Remove, wipe out" , "Clear" .)