Evernorth Holdings Inc. announced on May 5, 2026, that it is significantly expanding its leadership team with new board members and senior executives as it moves toward a planned public listing through a merger with Armada Acquisition Corp. II. The appointments are part of a strategy to build a public company structure designed to enable institutional adoption of XRP.
Leadership Expansion Details
Stuart Alderoty, Chief Legal Officer of Ripple, is expected to join the Evernorth board upon completion of the business combination. Alderoty has served as Ripple's top legal officer since 2019 and has been president of the National Cryptocurrency Association since 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 public company, we are building a leadership team with the institutional credibility this model requires."
The XRP-focused treasury company also identified several other board and executive candidates with backgrounds spanning finance, risk, communications, and digital assets. Dr. Derar Islim is expected to bring experience in digital asset market structure and institutional credit from his roles at Antalpha and Genesis Global Trading. Ted Janus adds over 30 years of investment experience, including work at J Capital and Palo Alto Investors. Robert Kaiden brings financial leadership as former CFO of the OpenAI Foundation and former Chief Accounting Officer at Twitter. On the executive side, Boris Kapeller was appointed Chief Risk Officer, while Charles Stewart was named Chief Communications Officer.
XRP Treasury Strategy and Listing Plans
The company stated that these leadership changes are intended to support Evernorth's transition into a potential public digital asset treasury firm. After completing the merger with Armada II, a Nasdaq-listed special purpose acquisition company, Evernorth plans to offer XRP exposure to investors through a regulated, liquid, and transparent structure. Unlike an ETF, Evernorth intends to actively enhance the XRP value per share through institutional yield and DeFi strategies, ecosystem participation, and capital markets activities. Kapeller will oversee financial risk strategy and controls, while Stewart will lead communications, marketing, and brand strategy.
Evernorth has previously filed an S-4 registration statement with the U.S. Securities and Exchange Commission outlining its billion-dollar XRP treasury strategy, supported by Ripple and designed to provide regulated, scaled services. The company targets a Nasdaq listing and emphasizes that its active treasury management model will go beyond passive ETFs to create greater value for institutional investors. The leadership expansion comes at a time of growing interest in XRP from traditional finance, positioning Evernorth as a potential milestone in the institutionalization of the digital asset.