Marc Cardella
Vice President and Controller (Principal Financial Officer) at NUVEEN NEW YORK MUNICIPAL VALUE FUND
Executive
About Marc Cardella
Marc Cardella serves as Vice President and Controller (Principal Financial Officer) of Nuveen New York Municipal Value Fund (NNY). He was born in 1984 and has served in this officer role since 2024; officers are elected annually by the Board and serve until successors are elected and qualified, with no compensation paid by the Funds for officer roles . His principal occupations over the past five years include Senior Managing Director and Head of Public Investment Finance at Nuveen and senior finance leadership roles across Nuveen Fund Advisors, Nuveen Asset Management, Teachers Advisors, and TIAA-CREF Investment Management; he also holds finance officer positions for TIAA Separate Account VA‑1 and the College Retirement Equities Fund . The proxy does not disclose TSR, revenue, EBITDA or other performance metrics tied specifically to his compensation or tenure; officers’ compensation is not paid by the Funds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Past 5 years (current) | Leads public investment finance; principal finance oversight for fund complex |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past 5 years (current) | Senior finance leadership for adviser; supports fund financial operations |
| Nuveen Asset Management, LLC | Senior Managing Director | Past 5 years (current) | Finance leadership within asset management platform |
| Teachers Advisors, LLC | Senior Managing Director | Past 5 years (current) | Finance leadership across TIAA advisor entities |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Past 5 years (current) | Finance oversight for TIAA‑CREF investment management |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teachers Insurance and Annuity Association of America | Managing Director | Past 5 years (current) | Senior finance role at parent organization |
| TIAA SMA Strategies LLC | Managing Director | Past 5 years (current) | Finance leadership for SMA business |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years (current) | Principal finance/accounting oversight for insurance separate account |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years (current) | Principal finance/accounting oversight for retirement fund |
Fixed Compensation
- Officers receive no compensation from the Funds. The Funds have no employees; officer compensation, if any, is set by Trustees, and the CCO’s compensation is paid by the Adviser with partial reimbursement by the Funds for incentive compensation .
| Component | Amount/Terms |
|---|---|
| Fund-paid officer compensation | $0; officers serve without compensation from the Funds |
| Compensation-setting authority (by-laws) | Compensation of officers, if any, fixed by Trustees |
| CCO compensation handling | Paid by Adviser; Funds reimburse allocable portion of incentive compensation |
Items not disclosed: Base salary, target bonus %, actual bonus paid, RSU/PSU grants, options, vesting schedules, severance multiples, change-of-control triggers, clawbacks, tax gross-ups, deferred compensation, pension/SERP, perquisites .
Performance Compensation
- No performance‑linked compensation is disclosed for officers at the Fund level; officers receive no compensation from the Funds, and the proxy provides no metrics, weightings, targets, or payouts for officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (Marc Cardella) | Not separately disclosed in proxy |
| Officers/Board as a group – NNY shares owned (as of May 31, 2025) | 0 shares of New York Value (NNY) owned by Board Members and officers as a group |
| Ownership as % of outstanding | Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund (as of June 20, 2025) |
| Pledging or hedging | Not disclosed |
| Stock ownership guidelines | Board Members are expected to invest at least one year of compensation in Nuveen funds; no officer ownership guidelines disclosed |
| Section 16(a) compliance | Funds believe Board Members and officers complied with all applicable Section 16(a)/30(h) filing requirements in last fiscal year |
Employment Terms
| Term | Detail |
|---|---|
| Officer positions | Vice President and Controller (Principal Financial Officer), term indefinite, length of service: since 2024 |
| Appointment & term | Officers elected annually by Board; serve until successors elected and qualified |
| Removal (by-laws) | Controller and specified officers may be removed at any time, with or without cause, by majority of Trustees present |
| Duties (Controller) | Keep accurate financial records; provide accounts to Chair/CAO/Trustees; perform duties incident to Controller |
| Compensation authority | Compensation, if any, for officers fixed by Trustees |
| Non-compete / non-solicit / severance / change‑of‑control | Not disclosed in proxy or 8‑K |
Investment Implications
- Pay‑for‑performance alignment at the Fund level is limited: officers receive no compensation from NNY, and no equity awards or ownership guidelines are disclosed for officers; Board‑level ownership guideline (one year of compensation) does not apply to officers .
- Insider selling pressure appears low: group holdings in NNY were 0 shares as of May 31, 2025; pledging/hedging is not disclosed, and Section 16 compliance was affirmed for the last fiscal year .
- Retention/transition risk is muted by by‑laws providing indefinite terms with removal by Trustees and the broad Nuveen/TIAA finance bench indicated by Marc’s multiple senior finance roles across the complex; however, no employment contracts, severance or change‑of‑control economics are disclosed to further evaluate retention incentives .
- Trading signals: With officer pay not tied to Fund TSR or operational targets and no disclosed insider ownership at NNY, compensation‑driven trading cues are minimal; monitoring Board governance actions (e.g., leverage oversight via committees) and fund discount dynamics remains more relevant to NNY’s market behavior than officer incentives .