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SolarCity announces layoffs; top execs to get $1 pay
“They didn’t disclose the number of people to be let go, but they said that the “restructuring charges” will represent “$3 million to $5 million” and they will consist “primarily of severance benefits”.
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USA company SolarCity (NASDAQ:SCTY) is taking measures to realign its operating costs with its reduced guidance for Megawatts Installed, including a reduction to its workforce.
Solar panel installer SolarCity Corp, which recently accepted Tesla Motors Inc’s $2.6 billion buyout offer, said CEO Lyndon Rive would now take $1 as annual salary, a steep drop from $275,000, as part of the company’s cost-cutting plans.
The company had earlier expected as much as 1.25GW, and told shareholders at the time of the latest downgrade that “as our infrastructure had been built to handle 1.25GW of annual capacity, we will be reducing our cost structure to accommodate our current forecasted volume run rate”. Visit MarketWatch.com for more information on this news.
Separately, TheStreet Ratings objectively rated this stock according to its “risk-adjusted” total return prospect over a 12-month investment horizon.
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The company’s weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.