Albin F. Moschner
About Albin F. Moschner
Independent Board Member of Nuveen S&P 500 Buy‑Write Income Fund (BXMX) since 2016; born 1952. Founder & CEO of Northcroft Partners, LLC (management consulting) since 2012; previously COO (2008–2011) and CMO (2004–2008) at Leap Wireless; President, Verizon Card Services (2000–2003); President, One Point Services (1999–2000); CEO of Zenith Electronics (1995–1996). Degrees: B.E. Electrical Engineering (City College of New York, 1974) and M.S. Electrical Engineering (Syracuse University, 1979). Designated “audit committee financial expert” and currently chairs the Closed‑End Fund Committee across the Nuveen closed‑end complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO | Since 2012 | Management consulting – operational, governance solutions |
| Leap Wireless International, Inc. | COO; CMO; Consultant | COO: 2008–2011; CMO: 2004–2008; Consultant: 2011–2012 | Operating and commercial leadership in wireless services |
| Verizon Communications (Card Services division) | President | 2000–2003 | Consumer finance operations within telecom |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom services leadership |
| Diba, Inc. | Vice Chairman of the Board | 1996–1997 | Internet technology governance |
| Zenith Electronics Corporation | CEO; President & COO | 1994–1996 | Led consumer electronics firm transformation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Electronic payments solutions |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial services (former) |
| Kellogg School of Management (Advisory Board) | Emeritus | Advisory Board 1995–2018; Emeritus since 2018 | Academic governance advisory |
| Archdiocese of Chicago Financial Council (Advisory) | Emeritus | 2012–2018; Emeritus since 2018 | Financial oversight advisory |
Board Governance
- Independence: Board members (including Moschner) are “Independent Board Members” (not “interested persons” under the 1940 Act) and have never been employees/directors of TIAA/Nuveen or affiliates.
- Committee leadership: Chair, Closed‑End Fund Committee.
- Committee memberships (2025):
- Compliance, Risk Management & Regulatory Oversight Committee (member).
- Nominating & Governance Committee (member).
- Investment Committee (member).
- Audit Committee: In 2024 Moschner was a member; in 2025 he is no longer listed as a member but remains designated an “audit committee financial expert.”
- Attendance: Each Board Member attended ≥75% of Board and applicable committee meetings in the last fiscal year.
- Board meeting cadence (BXMX – S&P Buy‑Write): Last fiscal year held 5 regular board, 9 special board, and 14 audit committee meetings; 4 Investment and 4 Closed‑End Fund Committee meetings.
Fixed Compensation
Board compensation structure (cash retainers and chair fees):
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual Board Retainer (Independent) | $210,000 | $350,000 | $350,000 |
| Audit Committee membership retainer | $2,500 per mtg (2023 structure) | $30,000 | $35,000 |
| Compliance Committee membership retainer | $5,000 per mtg (2023 structure) | $30,000 | $35,000 |
| Investment Committee membership retainer | $2,500 per mtg (2023 structure) | $20,000 | $30,000 |
| Dividend / Nominating / Closed‑End membership retainer | $1,250 per mtg (2023 structure) | $20,000 each | $25,000 each |
| Board Chair/Co‑Chair (annual) | $140,000 | $140,000 | $150,000 |
| Committee Chair (Audit/Compliance) | $20,000 | $30,000 | $35,000 |
| Committee Chair (Investment) | $20,000 | $20,000 | $30,000 |
| Committee Chair (Dividend/Nominating/Closed‑End) | $20,000 | $20,000 | $25,000 |
| Ad hoc meetings | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting |
| Deferred Compensation Plan availability | Yes (book reserve measured to Nuveen fund shares) | Yes | Yes |
Total compensation (all Nuveen funds; calendar year basis):
| Metric | 2022 | 2024 | 2025 |
|---|---|---|---|
| Total Compensation from Fund Complex (Moschner) | $420,050 | $495,250 | $481,250 |
- Allocation of fees among funds is pro rata by net assets; some fees allocated only to funds discussed at a given meeting.
- Officers and CCO are not paid by funds; CCO compensation paid by Adviser (funds reimburse portion of incentive compensation).
Performance Compensation
- No stock awards, options, PSUs/RSUs, or performance‑based director compensation disclosed; director compensation is cash retainer and committee fees with optional deferred cash into Nuveen fund shares.
Other Directorships & Interlocks
| Company | Role | Risk/Interlock Notes |
|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director (2012–2019) | Past role; payments/related‑party transactions not disclosed. |
| Wintrust Financial Corporation | Director (1996–2016) | Past role; no current interlock with Nuveen/TIAA. |
| Advisory boards (Kellogg; Archdiocese of Chicago) | Emeritus | Non‑profit/academic; not a public issuer interlock. |
- Board members owning securities of companies advised by affiliates were disclosed; Moschner is not listed in the related‑party ownership table (e.g., Thomas J. Kenny’s holdings are disclosed).
Expertise & Qualifications
- Designated “audit committee financial expert.”
- Deep operating experience in telecom and consumer electronics (Leap Wireless, Verizon, Zenith).
- Governance and oversight experience (chairing Closed‑End Fund Committee; prior chairmanship at USA Technologies).
- Technical credentials (B.E., M.S. Electrical Engineering).
Equity Ownership
- Governance principle: each Board Member is expected to invest at least the equivalent of one year of compensation in Nuveen/TIAA fund complex (directly or deferred).
- As of each year‑end, Moschner’s beneficial ownership in select funds:
| Fund | Dollar Range (12/31/2021) | Dollar Range (12/31/2023) | Dollar Range (12/31/2024) |
|---|---|---|---|
| Nuveen Floating Rate Income Fund (JFR) | Over $100,000 | Over $100,000 | Over $100,000 |
| Nuveen Real Estate Income Fund (JRS) | $0 | $1–$10,000 | $1–$10,000 |
| Fund | Shares (12/31/2021) | Shares (12/31/2023) | Shares (12/31/2024) |
|---|---|---|---|
| JFR | 36,243 | 49,966 | 34,519 |
| JRS | 0 | 940 | 1,017 |
- Each Board Member’s individual beneficial holdings are <1% of outstanding shares of each Fund.
Governance Assessment
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Strengths:
- Independence from manager and parent companies; broad governance experience; designated audit committee financial expert.
- Chairs Closed‑End Fund Committee, which actively reviews discounts, leverage, distributions, and market dynamics—central to closed‑end fund shareholder value.
- Consistent attendance (≥75%) and multiple committee memberships indicate engagement.
-
Alignment:
- Material personal investment in JFR (Over $100,000; 34,519 shares as of 12/31/2024), plus holdings in JRS, and optional participation in the deferred compensation plan that mirrors Nuveen fund performance.
-
Watch‑items / potential red flags:
- Cash retainer increases to $350,000 and higher committee chair/member fees (especially in 2025) can elevate pay‑inflation risk; oversight sits with Nominating & Governance.
- No related‑party transactions disclosed for Moschner; continue monitoring Section 16 compliance and related‑party tables—funds reported good filing compliance in the latest fiscal year.
-
Overall: Profile supports investor confidence—independent, experienced operator with active committee leadership; pay levels rose complex‑wide in 2024–2025 while alignment is supported by disclosed fund holdings and the deferred plan. Continued scrutiny of discounts/actions in the Closed‑End Fund Committee remains key for BXMX shareholders.