Wood, the editor, is given the sack (5)
I believe the answer is:
fired
'given the sack' is the definition.
(I've seen this in another clue)
'wood the editor' is the wordplay.
'wood' becomes 'fir' (fir is a kind of wood).
'the editor' becomes 'ed' (abbreviation).
'fir'+'ed'='FIRED'
'is' acts as a link.
(Other definitions for fired that I've seen before include "Dismissed or ignited" , "Set ablaze" , "Encouraged" , "with P45?" , "sent up in flames" .)