Vedanta's Base Metals Head Chris Griffith Exits Amid Short-Seller Report Turmoil
- Chris Griffith, head of Vedanta’s base metals and international business, has exited the company amid ongoing financial scrutiny.
- Viceroy Research released a report shorting Vedanta’s debt, calling the group structure a risk to creditors, intensifying concerns over its high debt levels.
- The company dismissed the report as misleading and baseless, stating it remains focused on business growth and stability.
Chris Griffith, President of International Business and head of base metals at Vedanta Resources Ltd., has stepped down from the Indian mining conglomerate, according to sources familiar with the development. Griffith, who joined the company in 2023, was responsible for overseeing some of Vedanta’s key assets, including zinc operations in South Africa and Namibia.
The leadership shake-up comes at a critical juncture for Vedanta, which is facing renewed scrutiny following a report by short-seller Viceroy Research. The report, released on Wednesday, claimed the group’s complex structure poses an 'under-appreciated risk to creditors' and revealed that Viceroy was shorting Vedanta Resources’ debt. The report further amplified investor concerns around Vedanta’s debt-heavy balance sheet, a legacy of its aggressive acquisition spree, including stakes in Bharat Aluminium Co. and Hindustan Zinc Ltd.
While it remains unclear whether Vedanta has identified a successor to Griffith, the company has dismissed the Viceroy report as 'a malicious combination of selective misinformation and baseless allegations'. In an official statement, Vedanta asserted that it remains focused on business growth and urged stakeholders to disregard speculation.
Griffith's departure adds to the uncertainty, especially given his prior leadership experience at Gold Fields Ltd., where he stepped down following a failed takeover bid of Yamana Gold Inc. Before that, he led Anglo American’s platinum and iron ore businesses companies closely tied to Vedanta founder Anil Agarwal’s previous investment interests.
Vedanta Ltd.’s stock remained flat on Thursday morning, following a 3.4% decline the previous day in response to the short-seller allegations.
Both Griffith and Vedanta have yet to issue direct comments regarding the executive’s exit.
