When a director embraces all-time low (5)
I believe the answer is:
nadir
'all-time low' is the definition.
(I've seen this in another clue)
'when a director embraces' is the wordplay.
'embraces' indicates a hidden word (I've seen 'embracing' mean this (the solution is embraced by words in the clue)).
'NADIR' can be found hidden inside 'when a director'.
(Other definitions for nadir that I've seen before include "Rock bottom" , "deep despair" , "You can't sink lower!" , "businessman formerly escaping justice" , "least successful point" .)