David Lamb
Chief Administrative Officer (Principal Executive Officer) at Nuveen California Quality Municipal Income Fund
Executive
About David Lamb
David J. Lamb serves as Chief Administrative Officer (Principal Executive Officer) of Nuveen California Quality Municipal Income Fund (NAC) and has held this officer role since 2015; he is a Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC, and Nuveen LLC, and was born in 1963 . Officers receive no compensation from the Funds and are elected annually by the Board to serve until successors are elected and qualified, indicating that fund-level pay-for-performance constructs (e.g., TSR/EBITDA-linked awards) are not disclosed or applicable for fund officers in NAC’s proxy materials . David Lamb’s role is further evidenced by his signing capacity as Chief Administrative Officer on regulatory filings (e.g., Form N‑PX) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past five years (as disclosed) | Executive leadership supporting fund administration; serves as NAC’s Principal Executive Officer (Chief Administrative Officer) . |
| Nuveen Securities, LLC | Senior Managing Director | Past five years (as disclosed) | Distribution/compliance support aligned with Nuveen’s fund complex operations . |
| Nuveen LLC | Senior Managing Director | Past five years (as disclosed) | Enterprise-level administrative leadership across Nuveen fund complex . |
External Roles
No external directorships or committee roles for David Lamb are disclosed in NAC’s proxy or registration statement officer biographies .
Fixed Compensation
- Officers (including the Chief Administrative Officer) receive no compensation from NAC; fund officers are elected annually, have indefinite terms, and serve without fund-paid salary, bonus, or equity awards. Compensation for the Funds’ Chief Compliance Officer (CCO) is paid by the Adviser and a portion of the CCO’s incentive compensation cost is reimbursed by the Funds, implying officer cash/equity arrangements reside at the Adviser level rather than the Funds .
Performance Compensation
- NAC’s proxy materials do not disclose any fund-level performance compensation framework (e.g., RSUs/PSUs, options, or performance metrics like revenue/EBITDA/TSR) for fund officers; officers receive no compensation from the Funds, and performance-linked awards or vesting schedules—if any—would be governed by Adviser (Nuveen/TIAA) policies, which are not provided in NAC filings .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (David Lamb) | Not separately reported for officers; only Board Members’ holdings are itemized; officers are included in group totals . |
| Officers (and Board Members) as a group – NAC shares owned | 0 shares as of October 22, 2025 (0% of shares outstanding; table shows zero across funds) . |
| Officer pledging/hedging | No pledging or hedging by officers is disclosed in NAC’s proxy materials . |
| Ownership guidelines | Governance principle applies to Board Members (expected to invest at least the equivalent of one year of compensation in Nuveen funds); no officer ownership guideline disclosed for NAC officers . |
Employment Terms
| Term | Provision |
|---|---|
| Title | Chief Administrative Officer (Principal Executive Officer) |
| Term of office | Indefinite; officers elected annually by the Board |
| Length of service in role | Since 2015 |
| Compensation source | Officers receive no compensation from the Funds; CCO compensation paid by Adviser, with partial reimbursement of incentive compensation costs by the Funds |
| Contract term/non-compete/non-solicit | Not disclosed in NAC filings |
| Severance/change-of-control | Not disclosed in NAC filings |
| Clawbacks/tax gross-ups | Not disclosed in NAC filings |
Additional Governance Context (Board, Committees, and Filings)
- NAC operates within Nuveen’s unitary board structure, with independent Board Members and defined committees (Audit; Compliance, Risk Management and Regulatory Oversight; Investment; Nominating and Governance; Closed-End Funds; Dividend; Executive), none of which disclose officer compensation frameworks for NAC officers; Section 16(a) compliance is affirmed for officers and Board Members .
- David Lamb’s officer status and Principal Executive Officer designation are reiterated in NAC’s N‑2ASR signatures and officer rosters, and he serves as signatory on NAC’s N‑PX .
- The 2023 Item 5.02 8‑K addresses board consolidation across the Nuveen/TIAA fund complex and does not alter officer compensation disclosures for NAC .
Investment Implications
- Pay-for-performance alignment at the fund level is minimal for officers: NAC explicitly states officers receive no compensation from the Funds, and performance-linked compensation (if any) resides at the Adviser level beyond fund disclosures—limiting visibility into bonus metrics, equity grants, and vesting schedules for trading/retention signal analysis .
- Insider selling pressure is likely low from fund-sourced awards (none disclosed); absence of fund-level RSUs/options means typical vest-induced sell windows do not apply, reducing predictable selling cadence tied to NAC governance events .
- Ownership alignment appears limited: officers and Board Members as a group reported 0 shares in NAC as of October 22, 2025, and no pledging disclosure is provided for officers; while Board Members have an expected investment guideline across Nuveen funds, no analogous guideline is disclosed for officers of NAC .
- Retention/transition risks cannot be quantified from fund documents: employment contracts, severance, change-of-control economics, non-compete/solicit terms, and clawbacks are not disclosed for NAC officers, constraining risk modeling tied to executive retention or departure catalysts at the fund level .