Vedanta's Base Metals CEO Chris Griffith Resigns Amid Debt and Short-Seller Controversy

Vedanta Resources has lost its base metals CEO, Chris Griffith, amid debt and short-seller woes. Griffith previously led Gold Fields and Anglo American's platinum and iron-ore businesses. His departure comes after a report from Viceroy Research said it was shorting debt held by Vedanta Resources, calling the group's structure an "under-appreciated risk to creditors." Shares of Vedanta Ltd. traded little changed after the news.

Vedanta Resources Ltd., the Indian mining conglomerate led by billionaire Anil Agarwal, has experienced another setback as it lost its top executive for the base metals business. Chris Griffith, who joined Vedanta in 2023, has resigned from his position, according to sources familiar with the matter. Griffith was instrumental in overseeing key assets such as zinc mines in South Africa and Namibia, as well as the international business of the firm [1].

The resignation comes on the heels of a report from Viceroy Research, a U.S.-based short-seller, which claimed it was shorting the debt held by Vedanta Resources. The report highlighted significant concerns about the group's structure, labeling it an "under-appreciated risk to creditors" [2]. This latest development adds to the ongoing challenges faced by Vedanta, which has been grappling with a substantial debt burden resulting from its acquisition spree, including stakes in Bharat Aluminium Co. and Hindustan Zinc Ltd.

Shares of Vedanta Ltd. traded with little change on Thursday, following a 3.4% drop the previous day. In response to the report, Vedanta dismissed the claims as "a malicious combination of selective misinformation and baseless allegations," stating that it had not been contacted by the short-seller and remained focused on business growth [1].

Griffith's departure from Vedanta is significant, given his extensive experience in the industry. Before joining Vedanta, he served as the CEO of Gold Fields Ltd. and previously headed the platinum and iron-ore businesses of Anglo American, where Agarwal was once a major shareholder.

The departure of Griffith and the ongoing debt concerns highlight the challenges Vedanta Resources is facing. The company's debt structure and operational risks are now under increased scrutiny, which could impact its financial performance and market valuation.

References:

[1] https://www.bloomberg.com/news/articles/2025-07-09/vedanta-top-base-metals-executive-said-to-leave-adding-to-woes
[2] https://www.investing.com/news/stock-market-news/viceroy-research-takes-short-position-on-vedanta-resources-debt-4127561