Stephen Woetzel
About Stephen Woetzel
Stephen M. Woetzel is Treasurer and Chief Financial Officer of AllianceBernstein National Municipal Income Fund, Inc. (AFB) and AllianceBernstein Global High Income Fund, Inc., first elected in November 2023; he is 53 and serves as Senior Vice President of AllianceBernstein Investor Services, Inc. (ABIS), an affiliate of the Funds . He is the Funds’ certifying officer for Form N‑CSRS and has signed internal control and disclosure controls certifications, indicating direct responsibility for financial reporting integrity and controls . Under his tenure, fund performance context includes net assets and NAV per share movements and operating results disclosed in earnings releases and reports; for example, AFB’s total net assets were $350.6M on April 30, 2024 versus $337.9M on April 30, 2025, with NAV per share moving from $12.20 to $11.76, alongside quarterly net investment income of $2.81M–$3.36M and realized/unrealized losses in 2024–2025 . He also engaged in SEC correspondence addressing Tailored Shareholder Reports disclosures, demonstrating active oversight of regulatory reporting .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AllianceBernstein Global High Income Fund (AGHIF) | Controller | First elected May 2009 | Senior finance officer for fund reporting and administration |
| AllianceBernstein Investor Services, Inc. (ABIS) | Senior Vice President | Associated since prior to 2020 | Affiliate leadership supporting fund investor services and administration |
| AFB and AGHIF | Treasurer and Chief Financial Officer | First elected Nov 2023 | Principal financial officer overseeing reporting, controls, and certifications |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| AllianceBernstein Investor Services, Inc. (ABIS) | Senior Vice President | Associated since prior to 2020 | Affiliate of the Funds; provides investor services/administration |
| U.S. SEC (EDGAR filing) | Correspondence signatory | June 2025 | Addressed Tailored Shareholder Reports disclosures and website performance information links |
| AFB (Form N‑CSRS) | Certifying Officer | June 2025 | Signed disclosure controls/internal control certifications for semiannual report |
Fixed Compensation
- Not disclosed in AFB/AGHIF proxy statements; closed‑end fund officers are employees of affiliates (AB/ABIS) and officer cash compensation details (base salary, target/actual bonuses) are not presented in the Funds’ DEF 14A filings .
Performance Compensation
- Not disclosed. The proxies provide Board compensation tables for Independent Directors but do not present officer equity awards (RSUs/PSUs/options), performance metric weightings, or vesting schedules for fund officers .
- No clawback, severance, or change‑of‑control compensation terms for officers are disclosed in the proxy; Item 5.02/1.01 8‑Ks are not available in 2023–2025 for AFB [ListDocuments 8‑K search returned none].
Equity Ownership & Alignment
| Year | Directors/Officers Group Ownership of AFB | Notes |
|---|---|---|
| As of Feb 3, 2025 | Less than 1% | Group ownership collectively <1% of shares; individual officer holdings not itemized |
| As of Feb 1, 2024 | Less than 1% | Group ownership collectively <1% |
| As of Feb 1, 2023 | Less than 1% | Group ownership collectively <1% |
| As of Feb 1, 2022 | Less than 1% | Group ownership collectively <1% |
| As of Feb 1, 2021 | Less than 1% | Group ownership collectively <1% |
| As of Feb 3, 2020 | Less than 1% | Group ownership collectively <1% |
- Stock ownership guidelines and any pledging/hedging policies for officers are not disclosed in the proxy; no pledging/hedging disclosures were found for Stephen Woetzel .
- Fund‑level beneficial owners >5% (context): Saba Capital held ~10.95% of ANMIF common as of Feb 3, 2025; preferred holders were Wells Fargo Municipal Capital Strategies, State Street, and JP Morgan for ANMIF, reflecting broader capital structure rather than officer alignment .
Employment Terms
| Term | Detail |
|---|---|
| Current role | Treasurer and Chief Financial Officer (both Funds) |
| First elected | November 2023 |
| Officer election cadence | Officers are elected annually by each Fund’s Board |
| Contract term length/expiration | Not disclosed in proxy |
| Non‑compete/non‑solicit/garden leave | Not disclosed in proxy |
| Severance/change‑of‑control terms | Not disclosed in proxy; no related 8‑Ks found (2023–2025) [ListDocuments 8‑K search returned none] |
| Post‑termination consulting | Not disclosed in proxy |
Performance & Track Record
Fund operating and return context during his tenure:
| Metric | Apr 30, 2024 | Jan 31, 2025 | Apr 30, 2025 |
|---|---|---|---|
| Total Net Assets | $350,576,798 | $357,190,362 | $337,926,439 |
| NAV Per Share (Common) | $12.20 | $12.43 | $11.76 |
| Shares Outstanding (Common) | 28,744,936 | 28,744,936 | 28,744,936 |
| Operating Result | Q2 FY2024 (Feb 1–Apr 30, 2024) | Q1 FY2025 (Nov 1, 2024–Jan 31, 2025) | Q2 FY2025 (Feb 1–Apr 30, 2025) |
|---|---|---|---|
| Total Net Investment Income | $2,807,884 | $3,560,640 | $3,360,878 |
| Per Share (Common) | $0.10 | $0.12 | $0.12 |
| Total Net Realized/Unrealized Gain (Loss) | ($13,883,276) | ($4,385,081) | ($19,051,276) |
| Per Share (Common) | ($0.48) | ($0.15) | ($0.66) |
| Average Annual Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
| NAV Returns (as of Apr 30, 2025) | 0.22% | 0.90% | 2.31% |
| Market Price Returns (as of Apr 30, 2025) | 2.87% | 0.26% | 1.86% |
| NAV Returns (as of Mar 31, 2025) | 0.01% | 0.53% | 2.41% |
| Market Price Returns (as of Mar 31, 2025) | 2.76% | 1.01% | 2.16% |
Governance/controls indicators:
- Signed certifications on disclosure controls and internal control over financial reporting in Form N‑CSRS (June 27, 2025) .
- Led SEC correspondence on TSR disclosure, website performance links, and placement of advisory agreement approval disclosures, indicating proactive compliance oversight .
Compensation Structure Notes
- Board compensation is disclosed; officer compensation is not. Independent Director pay in 2024–2025 ranged at the AB Funds Complex level (e.g., $551,000 for the Chair across the complex in 2024), but this is separate from officer pay and not applicable to Woetzel .
- No evidence of officer performance metrics (e.g., revenue/EBITDA targets, TSR percentile), equity award structures, vesting dates, or clawback provisions in the Funds’ proxy filings .
Risk Indicators & Red Flags
- Section 16(a) delinquency disclosures in recent proxies did not cite Stephen Woetzel; late filings were noted for certain directors/executives in 2022, not for Woetzel .
- No disclosed pledging/hedging by officers and no related‑party transactions involving Woetzel in the proxy .
- Earnings and NAV movement reflect rate‑sensitive municipal portfolio dynamics; risks highlighted include duration, liquidity, and management risk in reports .
Investment Implications
- Pay‑for‑performance visibility is limited: As a closed‑end fund officer employed by an affiliate, Woetzel’s cash/equity compensation terms, performance metrics, and vesting schedules are not disclosed, constraining direct assessment of incentive alignment and potential insider selling pressure .
- Alignment appears modest at the fund level: Directors and officers collectively own <1% of shares across multiple years; no pledging/hedging disclosures found, suggesting low direct equity alignment but also limited forced selling risk .
- Execution and compliance posture is strong: Certifications and SEC correspondence indicate active stewardship of reporting controls and regulatory disclosures, a positive signal for operational integrity under Woetzel’s oversight .
- Trading signals focus on fund performance drivers: Quarterly net investment income improved versus 2024, but sizable realized/unrealized losses in early 2025 pushed NAV lower; positioning and rate risk management will be key determinants of future NAV/market price returns, rather than officer compensation catalysts .