Sea’s billionaire CEO to forgo salary as cost cuts spread

Sea is facing increasing pressure to simultaneously grow and control costs. Consumers are pulling back on spending online as rising interest rates and prices weigh on the economy, while investors are becoming less willing to bankroll growth without profits. — Sea

Sea Ltd’s top management will forgo their salaries and tighten company expense policies, as the Singapore gaming and ecommerce giant tries to shield itself from the economic slowdown threatening tech companies.

“The leadership team has decided that we will not take any cash compensation until the company reaches self-sufficiency,” chief executive officer Forrest Li said in an internal memo sent to staff Thursday, days after Sea shut down operations in some markets and trimmed staff across its divisions. “We can now see that this is not a quickly passing storm: these negative conditions will likely persist into the medium term.”