Marc Cardella
About Marc Cardella
Marc Cardella (year of birth: 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen California Municipal Value Fund (NCA); he has held this role since 2024 and is based at 8500 Andrew Carnegie Blvd, Charlotte, NC 28262 . He is Senior Managing Director and Head of Public Investment Finance at Nuveen, with senior roles at Nuveen Fund Advisors, LLC; Nuveen Asset Management, LLC; Teachers Advisors, LLC; and TIAA-CREF Investment Management, LLC; he is also Managing Director at Teachers Insurance and Annuity Association of America (TIAA) and TIAA SMA Strategies LLC, and serves as 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, and the proxy does not disclose officer-specific performance metrics (e.g., TSR, revenue growth, EBITDA) for NCA .
Past Roles
The fund proxy does not provide a prior employment history beyond current affiliated roles .
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | Not disclosed | Not disclosed | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Current | Leads public investment finance oversight |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Current | Senior leadership across fund advisory functions |
| Nuveen Asset Management, LLC | Senior Managing Director | Current | Senior leadership in asset management operations |
| Teachers Advisors, LLC | Senior Managing Director | Current | Senior leadership at TIAA-affiliated adviser |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Current | Senior leadership at TIAA investment mgmt |
| Teachers Insurance and Annuity Association of America (TIAA) | Managing Director | Current | Executive role at TIAA |
| TIAA SMA Strategies LLC | Managing Director | Current | Executive role in SMA strategies |
| TIAA Separate Account VA‑1 | Principal Financial Officer; Principal Accounting Officer; Treasurer | Current | Finance/accounting leadership for VA‑1 |
| College Retirement Equities Fund (CREF) | Principal Financial Officer; Principal Accounting Officer; Treasurer | Current | Finance/accounting leadership for CREF |
Fixed Compensation
- Officers receive no compensation from the Funds; the Chief Compliance Officer’s compensation is paid by the Adviser, with the Funds reimbursing an allocable portion of the CCO’s incentive compensation .
- The fund proxy does not disclose base salary, target/actual bonus, or equity compensation for fund officers (compensation details are provided only for Independent Board Members) .
Performance Compensation
- The proxy does not disclose performance metrics (e.g., revenue, EBITDA, TSR, ESG) tied to officer compensation for NCA; officer incentive structures and vesting schedules are not provided at the Fund level .
Equity Ownership & Alignment
| Metric | As of Sep 20, 2024 | As of Oct 22, 2025 |
|---|---|---|
| Officers and Board Members as a group – Beneficial ownership in NCA (Common Shares) | 0 | 0 |
| Individual officer ownership detail | Not separately disclosed | Not separately disclosed |
| Ownership concentration (general statement) | Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund | Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund |
- Stock ownership guidelines apply to Board Members (expected to invest at least one year of compensation across the Fund Complex); no officer ownership guideline disclosure is provided .
- Pledging/hedging by officers is not addressed for NCA; Section 16(a) filings were in compliance in the last fiscal year, suggesting required reporting was timely .
Employment Terms
| Term | Detail |
|---|---|
| Officer Position | Vice President and Controller (Principal Financial Officer) of NCA |
| Start Date / Tenure | Length of service with the Funds since 2024 (officer of Funds) |
| Term Length | Indefinite; officers are elected by the Board on an annual basis to serve until successors are elected and qualified |
| Compensation Source | Officers receive no compensation from the Funds; CCO comp paid by Adviser with partial reimbursement by Funds |
| Employment Agreement | Not disclosed at Fund level |
| Severance / Change-of-Control | Not disclosed at Fund level |
| Clawback / Tax Gross-ups | Not disclosed at Fund level |
| Non-compete / Non-solicit | Not disclosed at Fund level |
| Garden leave / Consulting | Not disclosed at Fund level |
| Section 16 Compliance | Board Members and officers complied with Section 16(a) filing requirements during the last fiscal year |
Investment Implications
- Alignment: Zero reported beneficial ownership in NCA by officers and Board Members as a group at both 2024 and 2025 checkpoints suggests limited direct share-based alignment at the Fund level; officer ownership in NCA is not individually disclosed .
- Compensation disclosures: As officers are compensated by Nuveen/TIAA affiliates (not by the Fund), pay-for-performance levers, vesting schedules, and severance/CoC economics are not visible in NCA proxies—reducing transparency into retention risk and potential insider selling pressure signals from Fund filings .
- Governance and compliance: Section 16(a) compliance indicates timely reporting, but absence of Form 4 transaction detail in proxies limits trading signal analysis—additional monitoring of SEC ownership reports would be needed to assess insider activity .