Marc Cardella
Vice President and Controller (Principal Financial Officer) at Nuveen Taxable Municipal Income Fund
Executive
About Marc Cardella
Marc Cardella (year of birth: 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Taxable Municipal Income Fund (NBB) with an indefinite term, having served since 2024; officers are elected annually to serve until successors are elected and qualified . He is Senior Managing Director and Head of Public Investment Finance at Nuveen and holds 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 . Officers receive no compensation from the Funds; compensation for certain roles (e.g., Chief Compliance Officer) is paid by the Adviser with Board review, and the Funds reimburse an allocable portion of incentive compensation—no fund‑level salary/bonus is disclosed for Cardella . As of his Form 3 filed December 3, 2024, Cardella reported “No securities are beneficially owned” in NBB .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Past 5 years (per proxy disclosure) | Not disclosed |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past 5 years (per proxy disclosure) | Not disclosed |
| Nuveen Asset Management, LLC | Senior Managing Director | Past 5 years (per proxy disclosure) | Not disclosed |
| Teachers Advisors, LLC | Senior Managing Director | Past 5 years (per proxy disclosure) | Not disclosed |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Past 5 years (per proxy disclosure) | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Teachers Insurance and Annuity Association of America (TIAA) | Managing Director | Past 5 years (per proxy disclosure) | Not disclosed |
| TIAA SMA Strategies LLC | Managing Director | Past 5 years (per proxy disclosure) | Not disclosed |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Current | Not disclosed |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Current | Not disclosed |
Fixed Compensation
- Officers of the Funds serve without any compensation from the Funds; compensation details for Cardella (e.g., base salary, target/actual bonus) are not disclosed at the fund level .
- For reference, the Funds’ Chief Compliance Officer compensation is paid by the Adviser (base plus incentive), with Board review and input; the Funds reimburse the Adviser for an allocable portion of the CCO’s incentive compensation—no parallel disclosure exists for Cardella’s pay mix .
Performance Compensation
- No disclosure of fund‑level performance metrics tied to Cardella’s compensation (e.g., revenue, EBITDA, TSR, ESG) in NBB documents .
- No RSU/PSU/option awards, vesting schedules, clawbacks, or bonus outcomes are disclosed for Cardella at the fund level .
Equity Ownership & Alignment
| Item | As‑of | Amount/Status |
|---|---|---|
| NBB non‑derivative securities beneficially owned | 12/03/2024 | 0 shares; “No securities are beneficially owned.” |
| NBB derivative securities (options, etc.) | 12/03/2024 | None reported |
| Group holdings | 06/20/2025 | Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund |
| Stock ownership guidelines (Board) | Policy | Board Members are expected to invest at least one year of compensation in the Nuveen Fund Complex; applies to Board Members, not officers |
- Pledging/hedging: No pledging or hedging disclosures pertaining to Cardella in NBB filings .
- Ownership breakdown (vested/unvested, exercisable/unexercisable options): Not disclosed for Cardella .
Employment Terms
| Attribute | Disclosure |
|---|---|
| Position | Vice President and Controller (Principal Financial Officer) |
| Start date (Length of service) | Since 2024 (indefinite term) |
| Election/term mechanics | Officers are elected by the Board on an annual basis to serve until successors are elected and qualified |
Investment Implications
- Alignment and selling pressure: Cardella reported no beneficial ownership in NBB as of his Form 3, implying minimal direct insider selling pressure at the fund level; ownership alignment with NBB shareholders is limited at the officer level, which is typical for registered investment companies where officers are Adviser employees rather than fund employees .
- Compensation transparency: Fund‑level pay details (salary/bonus/long‑term equity) are not disclosed for Cardella; officers receive no compensation from the Funds, with compensation occurring at Nuveen/TIAA affiliates—limiting pay‑for‑performance analysis tied to NBB metrics from fund filings .
- Retention risk: Officers have indefinite terms but are elected annually; there is no disclosed employment agreement, severance, change‑of‑control, or non‑compete information for Cardella in fund filings, so retention considerations hinge on Nuveen/TIAA policies rather than NBB‑specific terms .
- Trading signals and monitoring: The absence of Form 4 activity and a Form 3 showing zero holdings suggests limited near‑term insider transaction signals at the fund level; monitor future Item 5.02 8‑Ks for role changes and any subsequent ownership filings for new signals .