SolarCity says it's restructuring and cutting its CEO's salary to $1 a year

SolarCity announced in a company filing Wednesday that it is taking a $3 million to $5 million restructuring charge, mostly in the form of severance benefits, to match the company's reduced guidance.The solar company is also cutting the salary of CEO's Lyndon Rive and CTO Pete Rive from $275,000 to $1 a year."On August 16, 2016, SolarCity Corporation (the Company) adopted and began implementing initiatives to realign the Companys operating expenses to match the Companys reduced guidance for Megawatts Installed. The realignment is expected to be completed by the end of 2016," the company said in the filing.The stock was flat in after-hours trading.In June, SolarCity announced that it had agreed to a $2.6 billion deal to be purchased by Tesla. Tesla CEO Elon Musk is SolarCity's chairman and Rive's cousin.At the time, SolarCity said in a blog post that the merger would allow for "the world's only vertically integrated sustainable energy company." However, the solar company also hinted at possible layoffs by mentioning cost savings accomplished via "synergies.""We expect to achieve cost synergies of $150 million in the first full year after closing," SolarCity said in the post.Synergies, of course, is lingo for cost cutting, and sure enough, some of that cost cutting is coming in the form of layoffs.This story is developing, check back for updates...Join the conversation about this storyNOW WATCH: Forget solar panels ' Elon Musk wants to build Solar roofs
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