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

AP/Ed Andrieski

U.S. Senator Michael Bennet, D-Colo., center, helps as SolarCity employees Jarret Esposito, left, and Jake Torwatzky, install a solar panel on a home in south Denver.

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 Company's operating expenses to match the Company's 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.

Screenshot via Google Finance

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