Marc Cardella
Vice President and Controller (Principal Financial Officer) at NUVEEN MUNICIPAL INCOME FUND
Executive
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (principal financial officer) of Nuveen Municipal Income Fund, Inc. (NMI). He joined the Nuveen fund complex as an officer in 2024 and, as NMI’s PFO, signs Sarbanes-Oxley Section 302 and 906 certifications, attesting to disclosure controls, internal control over financial reporting, and the fair presentation of the fund’s financials . He is Senior Managing Director, Head of Public Investment Finance at Nuveen and holds senior finance 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 for TIAA Separate Account VA-1 and the College Retirement Equities Fund . Fund-level total shareholder return, revenue, or EBITDA metrics are not disclosed for executive officers; NMI’s semiannual distribution context is shown separately below .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Municipal Income Fund, Inc. (NMI) | Vice President and Controller (Principal Financial Officer) | Since 2024 | Oversees fund financial reporting; signs SOX 302/906 certifications; responsible for disclosure controls and ICFR . |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Not disclosed | Senior leadership over fund advisory finance and governance across the Nuveen fund complex . |
| Nuveen Asset Management, LLC | Senior Managing Director | Not disclosed | Senior finance oversight across asset management operations . |
| Teachers Advisors, LLC; TIAA-CREF Investment Management, LLC | Senior Managing Director | Not disclosed | Senior finance leadership across TIAA investment entities . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TIAA Separate Account VA-1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Current | Financial stewardship and reporting responsibilities; principal finance/accounting roles . |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Current | Financial stewardship and reporting responsibilities; principal finance/accounting roles . |
| Teachers Insurance and Annuity Association of America; TIAA SMA Strategies LLC | Managing Director | Current | Finance leadership roles supporting broader TIAA operations . |
Fixed Compensation
- Officers of the Funds receive no compensation from the Funds. The CCO’s compensation is paid by the Adviser (Nuveen), with the Funds reimbursing an allocable portion of incentive compensation; officer-specific (including Cardella) cash compensation, bonus targets, or equity grants are not disclosed in Fund proxies .
Performance Compensation
- Not disclosed for officers of the Funds (closed-end fund complex). The Fund proxies state officers serve without compensation from the Funds; performance metrics or equity incentive design for Cardella at Nuveen/TIAA are not provided in NMI filings .
Equity Ownership & Alignment
| Metric | Value | As-of Date |
|---|---|---|
| Beneficial ownership of Board Members and executive officers as a group (% of outstanding shares per Fund) | <1% for each Fund | June 20, 2025 . |
- Individual beneficial ownership, vested/unvested breakdown, option holdings, and any pledging/hedging by Cardella are not disclosed in NMI proxy materials .
Employment Terms
| Term | Detail |
|---|---|
| Start date / tenure | Officer in Nuveen fund complex since 2024; serves as NMI’s Vice President and Controller (PFO) . |
| Contract term | Indefinite; officers are elected annually by the Board to serve until successors are elected and qualified . |
| Responsibilities | As principal financial officer, Cardella signs SOX 302 and 906 certifications (Form N-CSR), attesting to fair presentation of financial statements, effectiveness of disclosure controls, and ICFR; responsibilities include design/evaluation of controls and disclosure to auditors/audit committee of significant deficiencies, material weaknesses, and any relevant fraud . |
| Severance / change-in-control / clawback | Not disclosed for officers in NMI proxy; no officer employment agreement exhibits for Cardella in reviewed filings . |
Fund Performance Context (Distributions)
| Metric | NMI |
|---|---|
| Total distributions from net investment income per common share (Nov–Apr reporting period) | $0.2280 |
| Market yield | 4.70% |
| Taxable-equivalent yield | 7.94% |
Note: Distribution/yield context reflects fund-level outcomes and is not an executive performance metric.
Risk Indicators & Governance
- Section 16(a) filings: Funds reported compliance with applicable filing requirements by Board Members and officers in the most recent fiscal year and prior year; no delinquent filings noted for Cardella in 2025 .
- Officers receive no compensation from the Funds; board compensation is disclosed separately and does not apply to officers .
- No disclosures found of hedging or pledging by Cardella in NMI filings .
- Audit Committee and Board oversight structures are robust; Cardella’s certifications evidence his involvement in control environment and reporting integrity .
Investment Implications
- Compensation alignment: Because NMI officers are not compensated by the Fund, pay-for-performance linkages (bonus metrics, PSUs/RSUs) are not assessable from NMI filings; investor evaluation of alignment should instead focus on Cardella’s accountability for controls (SOX certifications) and reporting quality .
- Retention risk: Cardella holds multiple senior finance roles across Nuveen/TIAA entities and serves at the pleasure of the Board with an indefinite term. Absence of disclosed severance/CoC terms in fund filings limits visibility into retention economics; however, cross-entity responsibilities suggest institutional embeddedness rather than near-term turnover signals .
- Trading signals: No Form 4 activity or pledging for Cardella is disclosed in NMI materials; group-level beneficial ownership is <1%, implying limited direct alignment via shareholdings at the fund level. Monitoring future filings for any changes in certifications or internal controls disclosures is more actionable than insider sales in this context .
- Execution risk: As principal financial officer, his SOX certifications anchor reliability of fund reporting. Any reported material weaknesses or changes in ICFR in future N-CSR filings would be meaningful governance signals; current filings reflect standard certifications without identified adverse changes .