Albin Moschner
About Albin F. Moschner
Independent director with deep operating and governance experience in wireless and technology. He founded Northcroft Partners, LLC (July 2012) after senior roles at Leap Wireless (COO 2008–2011; CMO 2004–2008), Verizon Card Services (President, 2000–2003), One Point Communications (President, 1999–2000), and Zenith Electronics (CEO, 1995–1996; President/COO, 1994–1995). He holds a B.E. in Electrical Engineering (City College of New York, 1974) and an M.S. in Electrical Engineering (Syracuse University, 1979). Joined the Nuveen Multi-Market Income Fund (JMM) Board in 2016 .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Northcroft Partners, LLC | Founder; Consultant | Founded July 2012 | Provides operational, management, and governance solutions |
| Leap Wireless International, Inc. | COO; CMO; Consultant | COO 2008–2011; CMO 2004–2008; Consultant 2011–2012 | Wireless services provider |
| Verizon Communications, Inc. (Card Services) | President | 2000–2003 | Led Card Services division |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom services |
| Zenith Electronics Corporation | Director, President & CEO; President & COO | CEO 1995–1996; President & COO 1994–1995 | Consumer electronics; served as director also |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Chaired board in 2019 |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional financial services |
| Kellogg School of Management | Advisory Board (emeritus) | 1995–2018 (emeritus since 2018) | Advisory capacity |
| Archdiocese of Chicago Financial Council | Advisory Board (emeritus) | 2012–2018 (emeritus since 2018) | Financial oversight advisory |
Board Governance
- Independence: All nominees/current Board Members are not “interested persons” under the 1940 Act and have never been employees/directors of TIAA or Nuveen; deemed Independent Board Members .
- Committee assignments (JMM context in joint Board across fund complex):
- Closed-End Fund Committee: Chair (Moschner); members include Kenny, Nelson, Starr (except Multi-Market Income), Thornton, Wolff, Young .
- Compliance, Risk Management and Regulatory Oversight Committee: Member; chaired by Wolff; other members include Forrester (except certain funds), Kenny, Medero, Toth .
- Nominating and Governance Committee: Member; chaired by Young; composed entirely of Independent Board Members .
- Investment Committee: Member; co-chairs Boateng (except certain funds) and Lancellotta; comprised of Independent Trustees .
- Audit Committee: Current members do not include Moschner; the committee is independent and chaired by Nelson; Moschner is designated an “audit committee financial expert” along with Nelson, Starr, and Young .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings during the last fiscal year; JMM meeting counts summarized in Appendix C .
- Elections, tenure, and class: For JMM (Multi-Market Income), Moschner is a Class III Board Member and nominee to serve a term expiring at the 2027 annual meeting if elected; prior JMM election was April 11, 2018; multiple recent annual meetings lacked quorum resulting in holdover terms .
- Preferred shareholder elections: For JMM and several funds with Preferred Shares, two Board Members are elected by Preferred holders voting separately; Moschner and Wolff are nominees for the Preferred class .
JMM Board and Committee Meetings – Last Fiscal Year
| Meeting Type | Count (Last FY) |
|---|---|
| Regular Board | 5 |
| Special Board | 8 |
| Executive Committee | 9 |
| Dividend Committee | 9 |
| Compliance Committee | 6 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Independent Board Member Compensation Structure (Retainers and Fees)
| Component | 2024 | 2025 |
|---|---|---|
| Annual Board retainer | $350,000 | $350,000 |
| Audit Committee membership retainer | $30,000 | $35,000 |
| Compliance Committee membership retainer | $30,000 | $35,000 |
| Investment Committee membership retainer | $20,000 | $30,000 |
| Dividend Committee membership retainer | $20,000 | $25,000 |
| Nominating & Governance membership retainer | $20,000 | $25,000 |
| Closed-End Funds Committee membership retainer | $20,000 | $25,000 |
| Board Chair/Co-Chair | $140,000 | $150,000 |
| Audit/Compliance Chair | $30,000 | $35,000 |
| Investment Chair | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Chair | $20,000 | $25,000 |
| Ad hoc meeting fee | $1,000 or $2,500 (length/immediacy) | $1,000 or $2,500 (length/immediacy) |
Historical 2023 Meeting-Fee Structure (pre-2024)
| Fee Component (per meeting/day) | 2023 Amount |
|---|---|
| Annual Board retainer | $210,000 |
| Regular Board meeting per-day fee | $7,250 |
| Special Board meeting fee | $4,000 |
| Audit/Closed-End/Investment Committee meeting fee | $2,500 |
| Compliance Committee meeting fee | $5,000 |
| Dividend Committee meeting fee | $1,250 |
| Other committee meeting fee | $500 |
| Executive Committee as pricing committee fee | $100 |
| Board Chair annual retainer | $140,000 |
| Committee chair annual retainers (Audit, Dividend, Compliance, Nominating, Closed-End, Investment) | $20,000 each |
| Site visits (no Board meeting days) per-day fee | $5,000 |
Aggregate Compensation Received (Last Fiscal Year)
| Item | Amount ($) |
|---|---|
| JMM (Multi-Market Income) compensation to Moschner | $284 |
| Total compensation from funds in the Fund Complex to Moschner | $481,250 |
Deferred Compensation Elections (Moschner)
| Fund | Deferred Fees (Last FY) |
|---|---|
| Multi-Market Income (JMM) | — (no deferred fees) |
Notes:
- Funds have no retirement or pension plans; certain Nuveen funds offer a Deferred Compensation Plan for Independent Board Members (elective) .
Performance Compensation
- No equity awards, stock options, or performance-based incentive metrics are disclosed for Independent Board Members; compensation is via cash retainers, committee retainers, and ad hoc/assignment fees; deferred compensation is elective via a notional account tied to Nuveen funds .
Other Directorships & Interlocks
| Company/Institution | Capacity | Dates | Potential Interlock/Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Former role; no related-party transactions disclosed with JMM |
| Wintrust Financial Corporation | Director | 1996–2016 | Former role; no related-party transactions disclosed with JMM |
| Kellogg School of Management | Advisory Board (emeritus) | 1995–2018 | Advisory; governance reputation |
| Archdiocese of Chicago Financial Council | Advisory Board (emeritus) | 2012–2018 | Advisory |
Expertise & Qualifications
- Wireless/telecom operating leadership (COO/CMO roles), consumer electronics CEO experience, and financial services exposure via board service .
- Designated “audit committee financial expert” by SEC rules, signaling financial literacy and oversight capability .
- Advanced engineering education (B.E., M.S.) supports technical rigor in oversight .
Equity Ownership
| Item | Disclosure |
|---|---|
| Ownership as % of JMM outstanding shares | <1% for each Board Member as of Feb 18, 2025 |
| Group beneficial ownership | <1% of outstanding shares of each Fund |
| Dollar range; share counts | Provided in Appendix A (not itemized in main text); less than 1% thresholds noted |
| Shares pledged as collateral | Not disclosed in main text; no pledging noted |
Governance Assessment
-
Strengths
- Independence affirmed; no ties to TIAA/Nuveen or affiliates; committees composed of Independent Trustees .
- Chairs the Closed-End Fund Committee, a key body actively engaging on premiums/discounts, leverage, and share repurchases—directly relevant to CEF shareholder value .
- Designated audit committee financial expert, enhancing oversight credibility .
- Attendance at least 75% across Board/committee obligations, meeting frequency robust (e.g., JMM: 5 regular, 8 special Board meetings; 14 Audit Committee meetings) .
-
Red Flags / Watch Items
- Repeated failure to achieve quorum at JMM annual meetings (2022–2024), resulting in holdover terms—signals potential shareholder engagement/participation issues that can impair governance legitimacy and investor confidence .
- Multi-class election dynamics (Preferred shareholders electing two trustees) may create differing incentives across share classes; Moschner is a Preferred class nominee for JMM—monitor alignment of decisions across common vs preferred interests .
- Audit Committee membership does not currently include Moschner despite expert designation; ensure effective cross-committee information flow .
-
Tenure and continuity
- Joined JMM Board in 2016; current Class III nominee to serve through 2027 if elected, with prior Class III election for JMM in 2018; continuity balanced against periodic election delays due to quorum issues .
-
Compensation alignment
- Cash-only retainer/committee-based structure; no equity or option linkage to performance—appropriate for CEF trustees but limits direct market-based alignment; however, deferred compensation allows notional exposure to Nuveen funds if elected (not elected by Moschner per last FY) .
Overall, Moschner’s governance profile shows independent oversight with substantive committee leadership and financial expertise. The persistent quorum challenges at JMM are the primary governance risk signal; continued monitoring of shareholder engagement and election outcomes is warranted .