Marc Cardella
About Marc Cardella
Marc Cardella (year of birth: 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Floating Rate Income Fund (JFR) with a term of office “indefinite” and length of service since 2024; his business address is 8500 Andrew Carnegie Blvd, Charlotte, NC 28262 . His principal occupations over the past five years include Senior Managing Director, Head of Public Investment Finance at Nuveen; Senior Managing Director roles at Teachers Advisors, LLC and TIAA‑CREF Investment Management, LLC; Managing Director roles at Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; and Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund . Cardella signed JFR’s Sarbanes‑Oxley Section 302 and 906 officer certifications on April 4, 2025, attesting to effective disclosure controls and fair presentation of financials, and outlining responsibilities for internal control over financial reporting . Fund‑level pay‑for‑performance metrics (TSR, revenue, EBITDA) tied specifically to Cardella’s compensation are not disclosed; JFR’s filings state officers receive no compensation from the Funds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Past 5 years | Finance leadership for Nuveen’s public investment vehicles |
| Teachers Advisors, LLC | Senior Managing Director | Past 5 years | Senior leadership at TIAA asset management affiliate |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Past 5 years | Senior leadership across TIAA investment operations |
| Teachers Insurance and Annuity Association of America (TIAA) | Managing Director | Past 5 years | Corporate finance/management responsibilities at TIAA |
| TIAA SMA Strategies LLC | Managing Director | Past 5 years | Strategy/finance oversight for SMA platform |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years | Financial reporting and control oversight for VA‑1 |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years | Financial reporting and control oversight for CREF |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed | Officers of the Funds serve without any compensation from the Funds; any compensation is paid by the Adviser (Nuveen) rather than JFR . |
| Target bonus % | Not disclosed | No officer‑specific targets disclosed for JFR . |
| Actual bonus paid | Not disclosed | No officer bonuses disclosed at the Fund level . |
Performance Compensation
| Metric / Award | Applies to Marc Cardella? | Policy Details |
|---|---|---|
| Risk‑adjusted investment performance vs benchmark (1/3/5 years) | Not disclosed for Cardella | JFR portfolio managers’ annual cash bonuses are based on risk‑adjusted performance relative to benchmark over the most recent 1, 3 and 5 years (tenure‑adjusted) . |
| Morningstar peer fund ranking (1/3/5 years) | Not disclosed for Cardella | Portfolio manager bonuses include ranking versus Morningstar peer funds over 1, 3 and 5 years (tenure‑adjusted) . |
| Management and peer reviews | Not disclosed for Cardella | Included as a qualitative variable in PM cash bonuses . |
| Long‑term performance award (3‑year vest) | Not disclosed for Cardella | PM long‑term performance awards vest after 3 years and are adjusted based on fund risk‑adjusted performance during vesting and TIAA organization performance . |
| Profits interest plan | Not disclosed for Cardella | PMs may receive profits interests in Nuveen Asset Management and Teachers Advisors, vesting over time and entitling a percentage of firm annual profits; allocations reflect overall contribution . |
Note: The above compensation framework is explicitly disclosed for portfolio managers. JFR’s filings state Fund officers (including the PFO) receive no compensation from the Funds; officer‑specific performance pay structures are not disclosed at the Fund level .
Equity Ownership & Alignment
| Item | Disclosure | As‑of |
|---|---|---|
| Individual beneficial ownership (Marc Cardella) | Not disclosed | N/A (not presented in JFR proxy appendices) . |
| Board Members and executive officers as a group – beneficial ownership | Less than 1% of outstanding shares of each Fund | February 18, 2025 . |
| Portfolio manager beneficial ownership in JFR | Coale Mechlin: “None” dollar range | January 31, 2025 . |
Stock ownership guidelines disclosed apply to Board Members (expected to invest at least one year of compensation); no officer ownership guidelines are presented for JFR officers .
Employment Terms
| Term Element | Disclosure |
|---|---|
| Position | Vice President and Controller (Principal Financial Officer) |
| Term of office | Indefinite |
| Length of service | Since 2024 |
| Employment start date | Year: 2024 (exact date not disclosed) |
| Non‑compete / non‑solicit | Not disclosed in JFR filings reviewed |
| Severance / change‑of‑control | Not disclosed in JFR filings reviewed |
| Clawback provisions | Fund Item 18 Recovery of Erroneously Awarded Compensation: “Not applicable” in the N‑CSR; no officer‑specific clawbacks disclosed |
Performance & Track Record
| Compliance Attestation | Form | Date | Scope |
|---|---|---|---|
| SOX Section 302 Certification | EX‑99.CERT | April 4, 2025 | Cardella certified fair presentation, effective disclosure controls, and responsibilities for ICFR; disclosures of changes and significant deficiencies/fraud obligations . |
| SOX Section 906 Certification | EX‑99.906CERT | April 4, 2025 | Cardella certified the report’s compliance with Exchange Act and fair presentation of financial condition/results . |
- JFR reports effective disclosure controls, with no changes in ICFR materially affecting reporting during the period covered; principal executive and financial officers concluded effectiveness within 90 days of filing date .
- Section 16(a) filing compliance: Funds state Board Members and officers complied with applicable beneficial ownership filing requirements during the last fiscal year .
Board Governance (Officer Context)
- Cardella is an officer, not a Board Member; officers are elected by the Board and serve without compensation from the Funds .
- Board committee responsibilities (Audit, Compliance/Risk, Investment, Dividend, Closed‑End Fund Committee) provide structured oversight of financial reporting, valuation, compliance, and performance; officer certifications align with these governance processes .
Investment Implications
- Alignment: As PFO, Cardella’s role is control, reporting, and finance oversight; JFR discloses no officer compensation from the Fund and no individual officer equity ownership, limiting direct pay‑for‑performance alignment with JFR share price at the Fund level .
- Retention/pressure: No employment contract terms, severance, change‑of‑control, or vesting schedules are disclosed for Cardella; absence of disclosed pledging/hedging and insider equity reduces identifiable selling pressure signals; governance relies on certifications and Board oversight rather than officer equity alignment .
- Trading signals: No insider Form 4 activity or officer equity grants are presented in JFR’s filings; portfolio manager incentive design (benchmark/peer‑relative, 3‑year vesting, profits interests) targets investment team retention and performance rather than PFO incentives, suggesting operational stability rather than direct PFO‑linked trading catalysts .