Matthew Thornton III
About Matthew Thornton III
Independent Board Member of the Nuveen Select Maturities Municipal Fund (ticker NIM) since 2020; born 1958. Former Executive Vice President and Chief Operating Officer of FedEx Freight (2018–2019) and Senior Vice President, U.S. Operations at FedEx Express (2006–2018). Holds a B.B.A. from the University of Memphis (1980) and an M.B.A. from the University of Tennessee (2001). Current outside directorships include The Sherwin-Williams Company and Crown Castle International, with committee roles at each; recognized for executive leadership and active in ELC and NACD .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| FedEx Freight (subsidiary of FedEx) | Executive Vice President & COO | 2018–2019 | Led operations, modernization, customer solutions |
| FedEx Express (subsidiary of FedEx) | SVP, U.S. Operations | 2006–2018 | Senior operating leadership |
| FedEx (various) | Management roles | Pre-2006 | Progressive operating responsibilities |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| The Sherwin-Williams Company | Director | Since 2014 | Audit; Nominating & Corporate Governance |
| Crown Castle International | Director | Since 2020 | Strategy; Compensation |
| Safe Kids Worldwide® | Director | 2012–2018 | Non-profit governance |
Board Governance
- Independence: Member of the Audit Committee; each Audit Committee member is an Independent Board Member under NYSE/NASDAQ standards and SEC rules, and the committee operates under a written charter .
- Committee assignments at NIM and sister funds:
- Dividend Committee: Chair (members: Thornton (Chair), Lancellotta, Kenny, Nelson, Starr) .
- Audit Committee: Member (Nelson—Chair; Boateng; Lancellotta; Starr; Thornton; Wolff; Young) .
- Closed-End Fund Committee: Member (Moschner—Chair; Kenny; Nelson; Starr; Thornton; Wolff; Young) .
- Term/Class: Class II or III Board Member; term runs until the 2027 annual meeting (or until successor elected) .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year .
| NIM (Select Maturities) Meeting Counts | Regular Board | Special Board | Executive Committee | Dividend Committee | Compliance/Risk/Regulatory | Audit Committee | Nominating & Governance | Investment Committee | Closed-End Fund Committee |
|---|---|---|---|---|---|---|---|---|---|
| Fiscal Year (most recent disclosed) | 4 | 7 | 3 | 8 | 4 | 14 | 6 | 4 | 4 |
Fixed Compensation
- Structure change:
- 2023: $210,000 annual retainer; per-meeting fees ranging from $500–$7,250; chair premiums up to $140,000; site visit fees $5,000/day .
- 2024 (pre-2025): $350,000 annual retainer; annual committee membership retainers: Audit & Compliance $30,000; Investment $20,000; Dividend, Nominating, Closed-End $20,000; chair retainers: Board $140,000; Audit & Compliance $30,000; Investment $20,000; Dividend, Nominating, Closed-End $20,000; ad hoc meeting fees $1,000–$2,500; special assignment committee stipends .
- Effective Jan 1, 2025: $350,000 annual retainer; annual committee membership retainers: Audit & Compliance $35,000; Investment $30,000; Dividend, Nominating, Closed-End $25,000; chair retainers: Board $150,000; Audit & Compliance $35,000; Investment $30,000; Dividend, Nominating, Closed-End $25,000; ad hoc meeting fees $1,000–$2,500 .
- Deferred compensation plan available; no retirement or pension plans; officers of Funds not paid by Funds .
| NIM (Select Maturities) – Aggregate Compensation Paid to Thornton | FY 2024 | FY 2025 |
|---|---|---|
| Amount ($) | $373 | $336 |
| Footnotes | Last fiscal year (Fund complex-wide table) | Fiscal year ended March 31, 2025 (footnote 5) |
Performance Compensation
- No performance-based equity (RSUs/PSUs), options, or bonus metrics disclosed for Independent Board Members; compensation is retainer and committee-based, with optional deferral into fund equivalents .
| Performance Component | Details |
|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed/none for Independent Board Members |
| Options | Not disclosed/none |
| Bonus/Performance Metrics | Not disclosed/none |
| Deferred Compensation | Optional; credited to fund-equivalent reserve; distributions lump sum or 2–20 years |
Other Directorships & Interlocks
| Company | Sector | Role | Committees | Potential Interlock/Conflict Notes |
|---|---|---|---|---|
| The Sherwin-Williams Company | Paints/Coatings | Director | Audit; Nominating & Corporate Governance | No Fund-related transactions disclosed |
| Crown Castle International | Communications Infrastructure/REIT | Director | Strategy; Compensation | No Fund-related transactions disclosed |
Expertise & Qualifications
- 40+ years in logistics and operations; senior leadership at FedEx entities .
- Education: B.B.A. (1980), University of Memphis; M.B.A. (2001), University of Tennessee .
- Professional affiliations: Executive Leadership Council (since 2014); NACD member; recognized by Black Enterprise (2017) and Ebony (2016) .
Equity Ownership
- Fund-level beneficial holdings: As of May 31, 2024, Mr. Thornton reported 0 shares in Select Maturities (NIM) and other listed funds; group totals show limited holdings concentrated in other funds .
- Aggregate across family of investment companies: Dollar range “Over $100,000” for Mr. Thornton (aggregate holdings across Nuveen funds and related registered investment companies) .
- Ownership guideline: Board principle expects each Board Member to invest at least one year of compensation in funds in the Fund Complex; individual compliance status not disclosed; as of June 20, 2025, each Board Member’s holdings in each Fund individually were <1% of outstanding shares .
| Ownership Metric | NIM (Select Maturities) | Complex-Aggregate |
|---|---|---|
| Beneficial Shares (Mr. Thornton) | 0 (as of 5/31/2024) | Dollar range “Over $100,000” |
| Pledging/Hedging | Not disclosed | Not disclosed |
| Guideline vs. Actual | Guideline: ≥ one year of comp invested (Board principle) | Compliance not disclosed |
Governance Assessment
- Strengths: Independent director leading Dividend Committee; active Audit and Closed-End Fund oversight; consistent attendance (≥75% threshold met); substantial operating experience relevant to fund distribution and risk oversight .
- Alignment: NIM-specific holdings were 0 in 2024, though aggregate family holdings are “Over $100,000” and deferred compensation is available; the board encourages one-year compensation investment, but individual compliance is not disclosed—investors may view low fund-specific ownership as a modest alignment gap .
- Conflicts/Red Flags: No related-party transactions involving Mr. Thornton disclosed; Audit Committee independence affirmed. No disclosures of pledging, hedging, or legal proceedings specific to the director in the proxy statements reviewed .