Mark Czarniecki
About Mark Czarniecki
Mark J. Czarniecki (born 1979) serves as Vice President and Assistant Secretary of the Nuveen Municipal Credit Opportunities Fund (NMCO) and has served as a fund officer since 2013; he is a Managing Director and Associate General Counsel across Nuveen affiliates including Nuveen Securities, LLC; Nuveen Fund Advisors, LLC; Nuveen Asset Management, LLC; and also holds MD/Associate General Counsel/Assistant Secretary roles at Teachers Advisors, LLC and TIAA‑CREF Investment Management, LLC . Fund filings state that officers receive no compensation from the Fund and are elected annually by the Board; therefore no fund‑level, pay‑for‑performance metrics (TSR, revenue growth, EBITDA growth) are tied to his compensation within NMCO’s disclosures .
Past Roles
| Organization | Role/Title | Years | Strategic Impact |
|---|---|---|---|
| Nuveen, LLC | Managing Director and Associate General Counsel | Since 2022; previously Vice President and Associate General Counsel (2013–2021) | Senior legal leadership supporting governance and regulatory compliance across Nuveen fund complex |
| Nuveen Securities, LLC | Vice President (2016–2022); Assistant Secretary (since 2016); currently Managing Director and Assistant Secretary | Legal/secretarial oversight for distribution entity serving Nuveen funds | |
| Nuveen Fund Advisors, LLC | Vice President (2017–2022); Assistant Secretary (since 2017); currently Managing Director and Assistant Secretary | Legal/secretarial oversight for NMCO’s investment adviser; board officer administration | |
| Nuveen Asset Management, LLC | Vice President (2018–2022); Associate GC & Assistant Secretary (since 2018); currently Managing Director, Assistant Secretary, and Associate GC | Asset management legal counsel; fund governance, documentation, and regulatory filings | |
| NMCO (Fund Officer) | Vice President and Assistant Secretary | Since 2013 | Fund officer role supporting board processes and compliance; officers elected annually and not paid by the Fund |
External Roles
| Organization | Role/Title | Years | Notes |
|---|---|---|---|
| Teachers Advisors, LLC | Managing Director, Associate General Counsel and Assistant Secretary | Listed in NMCO 2024–2025 proxy officer biographies | Affiliated with TIAA; legal/governance roles supporting mutual funds/variable products |
| TIAA‑CREF Investment Management, LLC | Managing Director, Associate General Counsel and Assistant Secretary | Listed in NMCO 2024–2025 proxy officer biographies | Affiliated with TIAA; legal/governance roles |
Fixed Compensation
- Officers receive no compensation from the Fund; compensation (if any) is paid by Nuveen/TIAA affiliates and is not disclosed in NMCO filings .
- Officers are elected by the Board annually to serve until successors are elected and qualified .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Not disclosed at Fund level | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
NMCO’s filings do not report officer bonus metrics, equity awards (RSUs/PSUs/options), or vesting tied to Fund performance for officers; officers are not compensated by the Fund .
Equity Ownership & Alignment
- As of January 19, 2024, each Board Member’s individual beneficial shareholdings, and the Board Members and executive officers as a group, constituted less than 1% of the outstanding shares of each fund, indicating minimal direct ownership concentration at the fund level .
- Board governance principle: Board Members (not officers) are expected to invest at least the equivalent of one year of compensation in Nuveen funds to align interests; this expectation does not extend to fund officers in the proxy disclosures .
Employment Terms
| Term | Disclosure |
|---|---|
| Officer Titles | Vice President and Assistant Secretary of NMCO |
| Start Date / Tenure | Length of service as fund officer since 2013 |
| Term Length | Indefinite; officers elected annually by the Board to serve until successors are elected and qualified |
| Compensation Source | Officers receive no compensation from the Fund (paid by affiliates; not disclosed in NMCO filings) |
| Severance / Change‑of‑Control | Not disclosed in NMCO filings for officers |
| Clawbacks / Gross‑Ups | Not disclosed in NMCO filings for officers |
| Non‑Compete / Non‑Solicit / Garden Leave | Not disclosed in NMCO filings for officers |
| Post‑Termination Consulting | Not disclosed in NMCO filings for officers |
Investment Implications
- Compensation alignment: No fund‑level compensation or equity award disclosures for officers, limiting pay‑for‑performance assessment; Mark’s compensation is determined by Nuveen/TIAA affiliates and not visible to NMCO shareholders .
- Insider selling/vesting pressure: Absent fund‑level equity award reporting for officers and group ownership below 1% suggests minimal direct insider selling pressure linked to NMCO‑level grants .
- Retention risk: Role breadth across multiple Nuveen/TIAA entities (MD/Associate GC/Assistant Secretary) indicates institutional embedding; employment economics (severance/COC) are not disclosed at fund level, so transitions would more likely be driven by parent‑company decisions rather than NMCO‑specific incentives .
- Governance stability: 2023 Board consolidation across the Nuveen/TIAA fund complex points to standardized oversight and operational efficiency; as a fund officer, Mark’s role supports governance but does not indicate trading signals or portfolio strategy changes .