A year after writing into Ask a Manager about the ethics of working two director-level jobs at the same time, the OP has provided an update. Apparently it's going well, with positive performance reviews, and even a raise. So it is possible to have two jobs, and get away with it.
Has anyone else done something similar? I'm amazed that OP is able to get away with it given the senior level for each job (director level, $200K+ per job).