SolarCity Slashing Costs Including CEO Pay

first_img –shares Figure Out Your Family Tree Just in Time For Father’s Day Next Article US Navy: Russian destroyer almost collided with cruiser in the Philippine Sea A LifeMinute with John Lithgow: The Actor Discusses His Latest Projects IHOP Sees Explosive Growth in To-Go Sales Memorial Day Weekend Heat Wave Could Smash May Records Sophie Turner Talks Dark Phoenix, Co-Star Jessica Chastain and GoT Economy adds 75K jobs in May Beyond Meat Earnings Are Beyond Analyst Expectations SolarCity Slashing Costs, Including CEO Pay Economy adds 75K jobs in May Summer Beauty Survival Must-Haves Sophie Turner Talks Dark Phoenix, Co-Star Jessica Chastain and GoT Embed 2 min read DiCaprio, Pitt want to team up again after Tarantino hit Airbnb Wants to Take You on an All-Inclusive Adventure SolarCity Saint Laurent dazzles with men’s collection on Malibu beach A LifeMinute with Ryan Seacrest Southern Charm’ Star Talks New Season A Safe Way to Get Rid Of Bugs in Your Home North Carolina superintendent says new app can help reduce violence in schools SolarCity Corp. on Wednesday said it would cut operating costs, including slashing its chief executive’s salary, to bring expenses in line with its reduced solar installation outlook.The company said Chief Executive Officer Lyndon Rive and his brother, Chief Technology Officer Peter Rive, had asked to have their annual salaries reduced to $1 from $275,000, as part of the company’s cost-cutting plans.Earlier this month, San Mateo, Calif.-based Solar City said it accepted Tesla Motors Inc.’s $2.6 billion buyout offer.The compensation committee of the company’s board of directors agreed to reduce the salaries, SolarCity said in a regulatory filing.”It’s a symbolic gesture, but it’s appropriate,” Raymond James analyst Pavel Molchanov said.The Rives’ move comes a week after Chief Executive Officer Tom Werner of rival solar company SunPower Corp., said he would reduce his salary and bonus to $1 for the rest of the year as part of a broader restructuring.SolarCity will incur restructuring charges of about $3 million to $5 million, mostly in the second half of this year. Most of the spending will be on severance benefits.SolarCity did not immediately respond to requests for further details on the restructuring plan.Earlier this month, SolarCity cut its 2016 installation forecast for the second time, citing lower residential bookings in the first half. The company said late last year that it would slow its pace of growth to focus on generating cash. Investors have punished the company’s stock, sending it down 60 percent since December.In a separate filing, SolarCity said it planned to issue $124 million in bonds. The bonds carry a 6.5 percent interest rate, higher than any of SolarCity’s previous offerings, and also have a longer maturity rate of 18 months.(By Nichola Groom; Additional reporting by Sai Sachin R in Bengaluru; Editing by David Gregorio) This story originally appeared on Reuters New York takes aim at skyscrapers’ sky-high energy usage BACK Up Next: Turning Up the Heat in the Southeast for Holiday Weekend Figure Out Your Family Tree Just in Time For Father’s Day Albany Steps Closer to Releasing Trump’s State Tax Returns After Assembly Vote Delicious Summer Entertaining Ideas Justin Bieber Launches Plant-Based Deodorant Figure Out Your Family Tree Just in Time For Father’s Day Rock and Roll Hall of Fame Guitarist Don ‘Fingers’ Felder Releases New Albumcenter_img Summer is here and there are some great looks this season for women of all shapes and sizes. Check out the hottest styles for hourglass, rectangle and pear shaped women. 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