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Evernorth Holdings Inc. announced the appointment of four new board directors and two senior executives as the company prepares for its anticipated public listing through a business combination with Armada Acquisition Corp II (XRPN).
The Nevada-based company, which describes itself as focused on institutional XRP adoption, named Dr. Derar Islim, Stuart Alderoty, Ted Janus, and Robert Kaiden to its board. The directors are expected to join following the completion of the business combination with the special purpose acquisition company.
Islim previously served as chief operating officer of Antalpha and CEO of its Americas and EMEA divisions. Alderoty has been chief legal officer of Ripple since 2019 and president of the National Cryptocurrency Association since 2025. Janus serves as principal at J Capital and was previously partner and director of research at Palo Alto Investors. Kaiden currently serves as chief financial officer of the OpenAI Foundation and was chief accounting officer of Twitter from 2015 through 2022.
Evernorth also appointed Boris Kapeller as chief risk officer and Charles Stewart as chief communications officer. Kapeller spent four years at Coinbase building the market risk management team and leading the Financial Control and Analytics team. Stewart most recently led communications at Joby Aviation and previously led corporate communications at Opendoor.
"As Evernorth prepares to operate as a public company, we are building a leadership team with the institutional credibility this model requires," said Asheesh Birla, chief executive officer of Evernorth.
The company filed a registration statement on Form S-4 with the SEC on March 18, 2026, in connection with the proposed business combination. Armada II was founded on October 3, 2024, and is led by CEO Taryn Naidu, Chairman Michael Arrington, and CFO Kyle Horton.
According to the press release, Evernorth plans to operate as a digital asset treasury providing exposure to XRP through institutional and DeFi yield strategies upon completion of the business combination.