Thomas J. Kenny
About Thomas J. Kenny
Independent director of Nuveen Preferred & Income Opportunities Fund (JPC); born 1963; appointed to the Nuveen closed-end fund boards effective January 1, 2024; served as Independent Co‑Chair in 2024; nominee for Class I through the 2025 annual meeting cycle with certain funds indicating term through the 2028 annual meeting. Education: B.A. University of California, Santa Barbara; M.S. Golden Gate University; Chartered Financial Analyst; former Co‑Head, Global Cash & Fixed Income Portfolio Management, Goldman Sachs Asset Management (GSAM) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head Global Cash & Fixed Income PM | 1999–2011 (MD 1999–2004; Co‑Head 2002–2010; Partner 2004–2010; Advisory Director 2010–2011) | Led fixed income and liquidity portfolio management globally . |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Chaired CREF; oversight of investment policies and performance . |
| TIAA Separate Account VA‑1 | Management Committee; Chairman | Committee 2011–2023; Chairman 2017–2023 | Oversight of variable annuity separate account . |
| Sansum Clinic | Director; Finance Committee Chair | Finance Chair 2016–2022; Director (former) | Financial oversight in nonprofit healthcare . |
| Cottage Health System | Investment Committee Member | 2012–2020 | Oversight of investment program . |
| UC Santa Barbara Arts & Lectures | Advisory Council Member | 2011–2020 | Advisory role to university cultural program . |
| Crane Country Day School | Board Member; President of Board | Board 2009–2019; President 2014–2018 | Governance leadership in education . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | Director since 2015; Chair since 2018 | Committee leadership on capital allocation/investments . |
| ParentSquare | Director | Listed as Director; 2024 proxy shows “since 2018”; 2025 table lists “formerly Director 2021–2022” | Disclosure is inconsistent across proxies; current 2025 biography states Director without dates . |
| B’Box (Advisory Board) | Advisory Board Member | 2017–2019 (former) | Technology advisory role . |
| JCADA (Jewish Coalition Against Domestic Abuse) | Board Director; President | Member since 2020; President since 2023 | Nonprofit governance (listed alongside other Board bios) . |
Board Governance
- Independence: All JPC Board Members and nominees, including Kenny, are not “interested persons” under the 1940 Act and have never been employees or directors of TIAA or Nuveen; deemed Independent Board Members .
- Committee assignments:
- Executive Committee member (2024 as Co‑Chair with Toth; 2025 members: Young (Chair), Kenny, Nelson, Toth) .
- Dividend Committee member (Thornton Chair; members include Lancellotta, Kenny, Nelson, Starr for all funds except Multi‑Market Income) .
- Nominating & Governance Committee member (2024 Co‑Chair; 2025 members include Kenny; Young is Chair) .
- Investment Committee member (co‑chairs Lancellotta and Boateng in 2025; Kenny is a member) .
- Closed‑End Fund Committee member (Moschner Chair; Kenny is a member) .
- Not on Audit Committee (members listed; Kenny not included) .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
JPC (Preferred & Income Opportunities) Meeting Load
| Fiscal Year | Regular Board | Special Board | Executive Committee | Dividend Committee | Compliance/Risk/Reg Oversight | Audit Committee | Nominating & Governance | Investment Committee | Closed‑End Fund Committee |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 5 | 7 | 1 | 7 | 4 | 14 | 7 | 2 | 4 |
| 2025 | 5 | 8 | 8 | 8 | 6 | 14 | 5 | 4 | 4 |
Fixed Compensation
- 2025 structure (effective Jan 1, 2024; updated Jan 1, 2025):
- Annual Board retainer: $350,000 (effective 1/1/2024) .
- Committee membership annual retainers (2025 rates): Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed‑End Funds $25,000 .
- Chair/Co‑Chair annual retainers (2025 rates): Board $150,000; Audit and Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed‑End $25,000 .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committee quarterly fees: chair/co‑chair from $1,250; members from $5,000 .
| Component | Amount | Period/Effective Date |
|---|---|---|
| Board retainer | $350,000 | Effective 1/1/2024 |
| Board Chair/Co‑Chair retainer | $150,000 | Effective 1/1/2025 |
| Audit Committee membership | $35,000 | Effective 1/1/2025 |
| Compliance/Risk Committee membership | $35,000 | Effective 1/1/2025 |
| Investment Committee membership | $30,000 | Effective 1/1/2025 |
| Dividend Committee membership | $25,000 | Effective 1/1/2025 |
| Nominating & Governance membership | $25,000 | Effective 1/1/2025 |
| Closed‑End Funds membership | $25,000 | Effective 1/1/2025 |
| Ad hoc meeting fee | $1,000–$2,500 | Ongoing |
- 2023 prior structure (pre‑retainer overhaul): Board retainer $210,000; per‑meeting fees for Board and committees; Board Chair $140,000; committee chairs $20,000 .
JPC Aggregate Director Compensation (Fund‑level)
| Recipient | JPC (Preferred & Income Opportunities) — Aggregate Compensation (last fiscal year) |
|---|---|
| Thomas J. Kenny | $6,811 |
Total Complex Compensation
| Recipient | Total Compensation from funds in the Nuveen Fund Complex |
|---|---|
| Thomas J. Kenny | $610,000 |
Performance Compensation
| Metric | Applies to Independent Directors? | JPC Disclosure |
|---|---|---|
| Cash bonus (target/actual) | No | Not disclosed for Directors (structure is retainer/fees) . |
| Equity awards (RSUs/PSUs/options) | No | Not disclosed; Directors compensated in cash; optional deferred compensation plan available . |
| Performance metrics (TSR, EBITDA, ESG) | No | Not applicable to Director pay . |
| Clawbacks/COC/severance | N/A for Directors | Not disclosed for Directors . |
- Deferred Compensation Plan: Independent Board Members may elect to defer Board compensation; credits track eligible Nuveen fund shares; distributions lump‑sum or over 2–20 years; fund not liable for other funds’ obligations .
Other Directorships & Interlocks
- Public company board: Aflac Incorporated — Director since 2015; Chair, Finance & Investment Committee since 2018 .
- Education technology: ParentSquare — disclosed as Director (date references vary across proxies; 2024 shows “since 2018”; 2025 table lists “formerly Director 2021–2022”) .
- Prior boards under TIAA umbrella: CREF and TIAA Separate Account VA‑1 — Trustee/Management Committee member; Chairman roles 2017–2023 .
Expertise & Qualifications
- Fixed income portfolio management, liquidity management, and risk oversight from GSAM leadership roles .
- Governance experience across mutual/variable annuity complexes (CREF/VA‑1), public company finance committee leadership (Aflac), and multiple nonprofit boards .
- Credentials: CFA charterholder; BA (UCSB), MS (Golden Gate University) .
Equity Ownership
- JPC holdings: Kenny beneficially owns 0 JPC common shares; dollar range $0; individual Board Member holdings in each fund are less than 1% of outstanding; Board Members and officers as a group own less than 1% of each fund as of February 18, 2025 .
- Fund complex holdings: Aggregate dollar range in registered investment companies overseen — “Over $100,000” (includes historical CREF/VA‑1 exposure for certain members) .
- Shares table (selected lines for JPC):
- Dollar range in JPC (Preferred & Income Opportunities): $0 .
- Shares owned in JPC: 0 .
Governance Assessment
- Independence and oversight: Kenny is an Independent Board Member, not an “interested person,” with robust committee participation across Executive, Dividend, Nominating & Governance, Investment, and Closed‑End; not on Audit; attendance ≥75% threshold met — supports board effectiveness .
- Engagement signal: JPC meeting cadence is high (Audit 14; Board 5 regular/8 special in 2025; Dividend 8), and Kenny serves on key distribution and governance committees that influence dividends, nominations, and investment oversight — positive for investor confidence in process rigor .
- Pay structure shift: 2024–2025 overhaul moved from per‑meeting fees ($210k board retainer in 2023) to a higher fixed retainer ($350k) plus committee membership/chair retainers — reduces variable incentives tied to meeting volume; may indicate a preference for stable governance compensation; watch total complex compensation scale ($610k) .
- Alignment gap: Kenny holds zero JPC shares and $0 dollar range in JPC; while a deferred comp plan exists, absence of direct JPC ownership can be perceived as weaker “skin‑in‑the‑game” alignment for fund‑specific outcomes .
- Potential conflicts (disclosed): Kenny (via personal trust and KSHFO, LLC) holds interests in companies advised by entities under common control with the Funds’ Adviser (Nuveen), including Global Timber Resources and Global Agriculture funds; values and percentages disclosed; monitor for any related‑party transactions or decision intersections (none indicated in proxy) .
- Chair experience: Independent Co‑Chair role in 2024 signals leadership and agenda‑setting authority without adviser affiliation; responsibilities included agenda coordination, presiding at meetings, and liaison functions — governance positive .
RED FLAGS to monitor: zero direct JPC ownership; compensation inflation risk from 2023→2024 retainer increase; disclosed interests in affiliate‑advised private vehicles (perception risk), though independence is affirmed and no related‑party transactions with JPC are disclosed in the proxy .
Notes on Tenure and Election Status
- Board appointment effective January 1, 2024 across the Nuveen closed‑end funds; nominee for Class I seats on preferred share ballots in 2025; certain fund tables list term to 2028 annual meeting; Kenny listed on 2025 JPC preferred proxy card as Class I nominee .