SolarCity just announced 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 charge mostly in the form of severence 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.

The stock was flat in after-hours trading.

This story is developing, check back for updates…

NOW WATCH: Forget solar panels — Elon Musk wants to build Solar roofs

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.