The way I get round it is to give the PA and the Director a handset that will allow multiple Directory Numbers. I use 7960's but I think the 7940 may do it. Then I give the Director two lines. The first is the Directors Direct Dial or Extn number depending how your phone system is set up. I then mute this line on CCM. Then I add a 2nd line (normally an unusual internal number) which is only known to the Director and his/her PA.
On the PA's phone you obviously have line 1 as the PA's DDI or Extn number and line 2 as the Directors DDI or Extn number. I also then add a speed dial back to the Directors line 2 (The Secret number that only the Director and his/her PA knows) On the 7960's you can add speed dials just beneath the lines which makes it very easy to transfer call back.
What then happens is, A call comes into the Director, it will show up on his phone but will not ring. The PA can then answer the phone as the Directors DDI is now a shared line between the two handsets. The PA will then be able to transfer the call back to the Director using the Secret line. This Secret line will obviously then ring on line two on the directors phone.
If you can add the speed dials to the LCD screen on the PA's phone the transfer is as easy as hitting the Transfer softkey and the speed dial button.
Let me know if this doesn't make any sense, and I may be able to supply documentation.
Good Luck.