Company fine for chef (4)
I believe the answer is:
cook
'for chef' is the definition.
(both can mean someone who cooks)
'company fine' is the wordplay.
'company' becomes 'co' (abbreviation).
'fine' becomes 'OK' (synonyms).
'co'+'ok'='COOK'
(Other definitions for cook that I've seen before include "spoil" , "New England Test captain" , "18th-century explorer" , "Brown?" , "Famous sailor" .)