Marc Cardella
About Marc Cardella
Marc Cardella serves as Vice President and Controller (Principal Financial Officer) of Nuveen Arizona Quality Municipal Income Fund (“NAZ”), with an indefinite term and service since 2024. His year of birth is 1984, and his business address is 8500 Andrew Carnegie Blvd, Charlotte, NC 28262 . Core credentials include Senior Managing Director, Head of Public Investment Finance at Nuveen, and senior roles across Nuveen Fund Advisors, Nuveen Asset Management, Teachers Advisors, and TIAA‑CREF Investment Management; he is also Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund . As NAZ’s principal financial officer, he signs Sarbanes‑Oxley Section 302 and 906 certifications; the most recent semi‑annual filing notes effective disclosure controls and no material changes in ICFR during the period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Past five years (not specifically dated) | Senior finance leadership over public investment finance across Nuveen |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past five years (not specifically dated) | Senior role supporting fund advisory operations |
| Nuveen Asset Management, LLC | Senior Managing Director | Past five years (not specifically dated) | Senior role alongside fund operations/legal interfaces |
| Teachers Advisors, LLC | Senior Managing Director | Past five years (not specifically dated) | Senior role within TIAA’s advisory entities |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Past five years (not specifically dated) | Senior role across TIAA investment management |
| Teachers Insurance and Annuity Association of America | Managing Director | Past five years (not specifically dated) | Senior role within TIAA insurance entity |
| TIAA SMA Strategies LLC | Managing Director | Past five years (not specifically dated) | Senior role in SMA strategies |
| TIAA Separate Account VA‑1; College Retirement Equities Fund | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past five years (not specifically dated) | Principal officer responsibilities across major TIAA fund complexes |
Fixed Compensation
- Officers receive no compensation from the Funds; NAZ has no employees. The CCO’s compensation is paid by the Adviser (Nuveen Fund Advisors), and the Funds reimburse an allocable portion of the Adviser’s cost of the CCO’s incentive compensation .
- Base salary, bonus, equity grants, and other compensation for NAZ officers (including Cardella) are not disclosed in fund filings because compensation is set and paid by the Adviser rather than by the Funds .
Performance Compensation
- No fund-level performance incentive structure for officers is disclosed; metrics such as revenue growth, EBITDA, TSR percentile, or ESG goals tied to officer pay are not included in NAZ filings .
- SOX certification responsibilities are executed by the principal executive officer and principal financial officer; the most recent semi‑annual report affirms effective disclosure controls and procedures , with Cardella signing Section 302/906 certifications , indicating accountability for reporting integrity.
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Beneficial ownership (NAZ common) | 0 shares | Form 3 states “No securities are beneficially owned.” |
| Ownership as % of shares outstanding | 0.00% | Based on 0 shares owned |
| Officers’ group ownership | 0 shares | Proxy table shows 0 for Board members/nominees and officers as a group |
| Vested vs. unvested shares | N/A | No holdings disclosed |
| Options (exercisable/unexercisable) | N/A | No derivative securities disclosed |
| Shares pledged as collateral | N/A | No holdings; no pledge disclosure for officers in fund filings |
| Stock ownership guidelines (officers) | Not disclosed | Deferred compensation plan applies to Independent Board Members, not officers |
Employment Terms
| Term Component | Disclosure |
|---|---|
| Title and capacity | Vice President and Controller (Principal Financial Officer) |
| Term of office | Indefinite; elected annually by the Board |
| Length of service with Funds | Since 2024 |
| Start date evidenced in filings | Signed N‑2/A as PFO/PAO on April 15, 2025 |
| Employment contract term length | Not disclosed in fund filings |
| Severance and change‑of‑control terms | Not disclosed in fund filings |
| Clawback provisions | Not applicable/not disclosed for fund officers; Item 18 on recovery of erroneously awarded compensation marked “Not applicable” in N‑CSR[S] |
| Non‑compete / non‑solicit | Not disclosed in fund filings |
Investment Implications
- Alignment: With no NAZ share ownership and no fund‑paid compensation, direct pay‑for‑performance linkage to NAZ’s NAV/TSR is minimal; officer incentives likely reside at the Adviser/affiliates, but such structures are not disclosed in fund filings .
- Insider selling pressure: None—Cardella reports zero beneficial ownership, and there are no options/RSUs disclosed at the fund level; therefore, no vesting‑driven selling pressure from fund securities .
- Retention risk: Low at the fund level—term is indefinite and officers are elected annually; compensation and employment terms are governed by the Adviser, with no fund‑level severance or change‑of‑control economics disclosed .
- Governance and controls: Cardella fulfills principal financial officer obligations, signing SOX certifications; the semi‑annual report asserts effective disclosure controls and no material ICFR changes—supportive of reporting reliability during his tenure .
- Red flags: None observed in fund filings—Section 16(a) compliance noted; no hedging/pledging of NAZ shares by officers given zero holdings; recovery/clawback provisions not applicable to fund officers .