Evernorth Holdings Inc., an XRP-focused enterprise, announced on May 5, 2026, a major expansion of its leadership team by adding new board members and executives as it moves toward a planned listing on the Nasdaq through a merger with Armada Acquisition Corp. II. The appointments are designed to build a management structure with institutional credibility capable of supporting the institutional adoption of XRP.
Upon completion of the merger, Stuart Alderoty, Chief Legal Officer of Ripple, is expected to join Evernorth's Board of Directors. Alderoty has served as Ripple's Chief Legal Officer since 2019 and became President of the National Association of Cryptocurrency in 2025. His previous experience includes legal roles at CIT Group Inc., HSBC North America Holdings Inc., and American Express Company. Asheesh Birla, CEO of Evernorth, commented: "As Evernorth prepares to operate as a publicly traded company, we are building a leadership team with the institutional credibility this model requires."
New Board Members and Executive Appointments
Beyond Alderoty, Evernorth identified several other expected board members and executives. Dr. Derar Islim brings experience in digital asset market structure and institutional credit from his roles at Antalpha and Genesis Global Trading. Ted Janus contributes over 30 years of investment experience, including work at J Capital and Palo Alto Investors. Robert Kaiden brings financial leadership experience, having served as CFO of the OpenAI Foundation and former Chief Accountant of Twitter.
On the executive side, Boris Kapeller was appointed Director of Risk Management, while Charles Stewart was named Director of Communications. Kapeller will oversee financial risk strategy and control, while Stewart will lead communications, marketing, and brand strategy.
Active XRP Strategy: Different from ETFs
Evernorth stated that these leadership changes are meant to support its transition into a potential "public digital asset treasury." After completing the merger with Armada II, a special purpose acquisition company listed on the Nasdaq, Evernorth intends to offer investors exposure to XRP through a regulated, liquid, and transparent structure. Unlike passive ETFs, Evernorth plans to actively increase the value of XRP per share through institutional and DeFi yield strategies, ecosystem participation, and capital market activities.
The company previously filed an S-4 document with the U.S. Securities and Exchange Commission (SEC) detailing a billion-dollar XRP treasury management strategy aimed at achieving a Nasdaq listing. Backed by Ripple, the strategy is designed to provide regulated, large-scale XRP exposure to institutional investors.