Albin F. Moschner
About Albin F. Moschner
Independent Board Member of Nuveen closed‑end funds (including Nuveen Real Estate Income Fund, ticker JRS) since 2016; born 1952; founder and CEO of Northcroft Partners, a management consulting firm (since 2012) . Prior C‑suite and senior roles in telecom and electronics (Leap Wireless COO/CMO; President, Verizon Card Services; President, One Point Services; CEO/President, Zenith Electronics) with engineering degrees (B.E. CCNY 1974; M.S. Syracuse 1979) . He is designated an “audit committee financial expert” by the Boards and oversees 218 portfolios in the fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & Chief Executive Officer | 2012–present | Management consulting focus on operational, management and governance solutions |
| Leap Wireless International, Inc. | Chief Operating Officer; Chief Marketing Officer; Consultant | COO: 2008–2011; CMO: 2004–2008; Consultant: 2011–2012 | Senior operating leadership at consumer wireless provider |
| Verizon Communications, Inc. | President, Verizon Card Services | 2000–2003 | Led card services division |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom services leadership |
| Diba, Incorporated | Vice Chairman of the Board | 1996–1997 | Internet technology provider governance |
| Zenith Electronics Corporation | CEO/President (1995–1996); President/COO (1994–1995); various exec roles (1991–1996) | 1991–1996 | Turnaround leadership in consumer electronics |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USA Technologies, Inc. | Director; Chairman (2019) | Director 2012–2019; Chairman 2019 | Public company board leadership (payments/IoT) |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional bank director experience |
| Kellogg School of Management; Archdiocese of Chicago Financial Council | Advisory Board Member (emeritus) | Emeritus since 2018 (Kellogg 1995–2018; Archdiocese 2012–2018) | Academic and non‑profit advisory oversight |
Board Governance
- Independence: Board members (including Moschner) are not “interested persons” under the 1940 Act and have never been employees/directors of TIAA/Nuveen; they are deemed Independent Board Members .
- Committee assignments and chair roles (Nuveen funds Boards):
- Closed‑End Fund Committee: Chair .
- Compliance, Risk Management & Regulatory Oversight Committee: Member .
- Nominating & Governance Committee: Member .
- Investment Committee: Member .
- Audit Committee: Not a member, but designated an “audit committee financial expert” .
- Attendance: Each Board Member attended at least 75% of Board and relevant committee meetings in the last fiscal year .
- JRS board cycle and meetings: In the last fiscal year JRS held 5 regular and 9 special Board meetings; committee meetings included Audit (14), Nominating (5), Compliance (5), Investment (4), Dividend (10), Closed‑End (4) .
- Election status: For JRS (funds without preferred shares), Moschner is a Class III trustee (term expiring at 2027 annual meeting); Class I nominees stand for election in 2025 .
Fixed Compensation
- Structure (effective January 1, 2024; increases effective January 1, 2025):
- Base independent trustee retainer: $350,000; Committee membership retainers per committee (Audit $30k → $35k in 2025; Compliance $30k → $35k in 2025; Investment $20k → $30k in 2025; Dividend $20k → $25k in 2025; Nominating $20k → $25k in 2025; Closed‑End Funds $20k → $25k in 2025); Board Chair retainer $140k → $150k in 2025; committee chair retainers (Audit/Compliance $30k → $35k; Investment $20k → $30k; Dividend/Nominating/Closed‑End $20k → $25k) . Prior to 2024, retainer was $210,000 with per‑meeting fees by committee .
| Component | 2024 Amount | 2025 Amount |
|---|---|---|
| Base Independent Trustee Retainer | $350,000 | $350,000 |
| Audit Committee Member Retainer | $30,000 | $35,000 |
| Compliance Committee Member Retainer | $30,000 | $35,000 |
| Investment Committee Member Retainer | $20,000 | $30,000 |
| Dividend Committee Member Retainer | $20,000 | $25,000 |
| Nominating & Governance Member Retainer | $20,000 | $25,000 |
| Closed‑End Funds Committee Member Retainer | $20,000 | $25,000 |
| Board Chair Retainer | $140,000 | $150,000 |
| Audit/Compliance Chair Retainer | $30,000 | $35,000 |
| Investment Chair Retainer | $20,000 | $30,000 |
| Dividend/Nominating/Closed‑End Chair Retainer | $20,000 | $25,000 |
- Actual compensation (most recent fiscal year):
- JRS (Real Estate Income) paid Moschner $983.
- Total from the Nuveen fund complex paid to Moschner: $481,250. Deferred compensation elected: none shown for Moschner in the fund‑level deferred fee table.
Citations: JRS: $983; Complex total: $481,250; Deferred fees per‑fund “—” entries for Moschner .
| Pay Source | Amount |
|---|---|
| JRS fund (Real Estate Income) – Aggregate compensation paid to Moschner | $983 |
| Total compensation from funds in Nuveen fund complex – Moschner | $481,250 |
| Deferred fees elected (per fund listings) | None shown for Moschner |
Performance Compensation
- Directors are not granted performance‑based equity; compensation is via retainers/fees. A Deferred Compensation Plan allows directors to link deferred fees to the value of selected Nuveen funds; distributions can be lump sum or over 2–20 years; plan is optional and fund‑specific (no Moschner deferrals shown in the table) .
Other Directorships & Interlocks
| Company | Role | Dates | Notes/Interlocks |
|---|---|---|---|
| USA Technologies, Inc. | Director; Chairman (2019) | 2012–2019 | Former public company role; no current disclosed interlocks with JRS counterparties |
| Wintrust Financial Corporation | Director | 1996–2016 | Former bank board role; no current disclosed interlocks with JRS |
- Audit Committee Financial Expert: Designated as such by the Boards (even though not a current Audit Committee member) .
Expertise & Qualifications
- Technical and operating expertise: senior operating roles in wireless/telecom and consumer electronics; management consulting CEO .
- Financial oversight: designated “audit committee financial expert” .
- Education: B.E. (Electrical Engineering), City College of New York (1974); M.S. (Electrical Engineering), Syracuse University (1979) .
- Scope: Oversees 218 portfolios across the Nuveen fund complex .
Equity Ownership
| Holding | Amount/Range | As of Date | Notes |
|---|---|---|---|
| JRS shares owned (beneficial) | 1,017 shares | Dec 31, 2024 | Dollar range in JRS: $1–$10,000 |
| Ownership as % of JRS outstanding | <1% | Feb 18, 2025 | JRS common shares outstanding: 28,892,471 |
| Pledging/Hedging | Not disclosed | — | — |
| Ownership guideline | Board principle: each Board Member is expected to invest at least one year of compensation in funds in the Fund Complex | — | Compliance status not individually disclosed |
Governance Assessment
-
Positives
- Independent since joining the Boards; no employment ties to TIAA/Nuveen; designated “audit committee financial expert” .
- High engagement: at least 75% attendance; extensive committee workload; chairs the Closed‑End Fund Committee responsible for discount, leverage and market oversight—key levers for closed‑end fund shareholder value .
- Relevant operating background and financial oversight credentials; multi‑portfolio oversight scale (218 portfolios) .
-
Watch items
- Compensation step‑up effective 2024/2025 (base raised to $350k; higher committee retainers and chair fees) increases absolute pay levels; investors may monitor alignment versus outcomes (e.g., discount management, distribution policy) .
- JRS‑specific ownership is modest (1,017 shares; $1–$10k range) and below 1%—though the board‑wide guideline focuses on aggregate fund complex investments, not single‑fund stakes .
-
No red flags disclosed
- No related‑party transactions, loans, pledging, or Section 16(a) delinquencies reported; Funds reported Section 16 compliance for Board Members .