Albin Moschner
About Albin F. Moschner
Independent Board Member of Nuveen closed‑end funds overseen by JCE; born 1952; joined the Nuveen Funds Board in 2016. Founder and CEO of Northcroft Partners (since 2012) with prior C‑suite roles in wireless and consumer electronics; degrees in Electrical Engineering from The City College of New York (B.E., 1974) and Syracuse University (M.S., 1979). Designated an “audit committee financial expert” and serves across multiple committees, including chairing the Closed‑End Fund Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO | 2012–present | Management consulting (operational, governance solutions) |
| Leap Wireless International, Inc. | COO; CMO; Consultant | COO 2008–2011; CMO 2004–2008; Consultant 2011–2012 | Operating leadership in wireless services |
| Verizon Communications, Inc. | President, Verizon Card Services | 2000–2003 | Consumer financial services within telecom |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom operations leadership |
| Zenith Electronics Corporation | Director, President & CEO; Director, President & COO | CEO 1995–1996; COO 1994–1995 | Executive leadership in consumer electronics |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Led board; electronic payments industry experience |
| Wintrust Financial Corporation | Director | 1996–2016 | Banking and financial services oversight |
| Kellogg School of Management (Advisory Board) | Member (emeritus since 2018) | 1995–2018 | Academic advisory; governance perspective |
| Archdiocese of Chicago Financial Council (Advisory) | Member (emeritus since 2018) | 2012–2018 | Financial oversight advisory |
Board Governance
- Independence: Included within “Independent Board Member” compensation disclosures; serves only on independent committees; designated an audit committee financial expert .
- Committee memberships and chair roles:
- Audit Committee: Member; designated “audit committee financial expert” (with Nelson, Starr, Young) .
- Closed‑End Fund Committee: Chair (2024, 2025) .
- Investment Committee: Member .
- Nominating & Governance Committee: Member .
- Election/tenure status: Class III Board Member elections noted across funds; elected by Preferred shareholders for certain funds; continuing service since 2016 .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year .
Fixed Compensation
Compensation structure transitioned from per‑meeting fees (2023) to higher fixed retainers with committee retainers (2024), and committee retainer increases effective 2025.
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual Board retainer (cash) | $210,000 per director | $350,000 per director | $350,000 per director |
| Audit Committee membership retainer | $2,500 per meeting | $30,000 annually | $35,000 annually |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership retainer | $5,000 per meeting | $30,000 annually | $35,000 annually |
| Investment Committee membership retainer | $2,500 per meeting | $20,000 annually | $30,000 annually |
| Closed‑End Fund Committee membership retainer | $2,500 per meeting | $20,000 annually | $25,000 annually |
| Nominating & Governance Committee membership retainer | $500 per meeting | $20,000 annually | $25,000 annually |
| Dividend Committee membership retainer | $1,250 per meeting | $20,000 annually | $25,000 annually |
| Board Chair/Co‑Chair additional retainer | $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 (Closed‑End; Nom & Gov; Dividend) | $20,000 | $20,000 | $25,000 |
| Ad hoc meeting fees | $4,000 special; other per‑meeting schedule | $1,000 or $2,500 per ad hoc meeting | $1,000 or $2,500 per ad hoc meeting |
| Deferred compensation plan availability | Available; deferral credited to fund‑linked accounts | Available | Available |
Aggregate compensation received (all Nuveen Funds overseen):
| Metric | FY 2022 | FY 2023 |
|---|---|---|
| Total compensation from Nuveen Funds (Albin F. Moschner) | $443,950 | $495,250 |
Performance Compensation
Directors are paid cash retainers and committee fees; no performance‑based equity or bonus metrics disclosed. A deferred compensation plan allows fee deferral into notional fund shares; no TSR/EBITDA/ESG performance link disclosed.
| Performance metric | Disclosure | Terms |
|---|---|---|
| Annual bonus / cash incentive | None disclosed | Not applicable |
| Equity awards (RSUs/Options) | None disclosed | Not applicable; funds do not have retirement/pension plans; director pay structured as cash retainers/fees |
| Deferred compensation | Available | Distributions lump sum or 2–20 years; value tracks selected Nuveen funds |
| Clawbacks / CO‑change provisions | None disclosed | Not applicable |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Considerations |
|---|---|---|
| USA Technologies, Inc. | Director; Chairman (2019) | Payments technology; no related‑party transactions disclosed in Nuveen proxies |
| Wintrust Financial Corporation | Director (1996–2016) | Banking; Nuveen Funds may invest broadly, but proxies do not disclose related‑party transactions tied to Moschner |
Expertise & Qualifications
- Wireless/telecom and consumer electronics operating experience (COO/CMO/President/CEO roles) .
- Board leadership experience across public companies; chair of Closed‑End Fund Committee .
- Financial oversight capability; SEC‑designated audit committee financial expert .
- Engineering background (B.E., M.S.) supporting technical and operational acumen .
Equity Ownership
As of December 31, 2023, Moschner’s beneficial ownership across Nuveen funds shows material investment in certain funds but not in JCE (Nuveen Core Equity Alpha Fund).
| Fund | Shares owned | Dollar range (as of Dec 31, 2023) |
|---|---|---|
| Nuveen Core Equity Alpha Fund (JCE) | 0 | $0 |
| Nuveen Floating Rate Income Fund | 49,966 | Over $100,000 |
| Nuveen Real Estate Income Fund | — | $1–$10,000 |
- Ownership concentration and thresholds: As of February 18, 2025, each Board Member’s individual beneficial shareholdings of each Fund were less than 1% of the Fund; Board Members and officers as a group owned less than 1% of each Fund .
Governance Assessment
- Strengths: Independent status; audit committee financial expert designation; consistent attendance (≥75% across Board/committee meetings); chairs Closed‑End Fund Committee overseeing discount/premium management, leverage, and buyback/issuance reviews—directly relevant to closed‑end fund shareholder value .
- Compensation alignment: Standard closed‑end fund director cash retainer model with transparent committee chair/membership fees; deferred compensation plan exists but no equity grants—reduces equity alignment but aligns time/engagement via committee structure .
- Ownership alignment: No holding in JCE specifically; holds material position in another Nuveen fund (Floating Rate Income). For JCE holders, lack of JCE ownership is a mild alignment gap; however, per fund policy, directors generally hold <1% in each fund .
- Potential conflicts: No related‑party transactions, pledging, or loans disclosed tied to Moschner; external directorships (USA Technologies, Wintrust) are historical and not flagged for conflicts in proxies .
- RED FLAGS:
- Minimal or zero ownership in JCE may be perceived as reduced “skin‑in‑the‑game” for JCE shareholders, despite broader Nuveen family holdings .
- Compensation shifts to higher fixed retainers (from $210k to $350k) and increased committee retainers in 2025 could be viewed as inflationary absent clear performance linkage, though this is industry‑standard for diversified fund complexes .
Overall, Moschner brings seasoned operating and governance experience, fulfills independence and financial expertise requirements, and demonstrates attendance; main watchpoints are fund‑specific ownership alignment for JCE and ongoing scrutiny of fee escalations versus committee workload and discount‑management outcomes .