David J. Lamb
About David J. Lamb
David J. Lamb serves as Chief Administrative Officer and Principal Executive Officer of Nuveen Variable Rate Preferred & Income Fund (NPFD), an officer role he has held since 2015 . He is Senior Managing Director at Nuveen Fund Advisors, LLC, Nuveen Securities, LLC, and Nuveen, having previously held various senior roles within Nuveen’s organizations . He signs NPFD’s semi-annual report certifications as principal executive officer and N-PX filings as Chief Administrative Officer, evidencing executive accountability for fund reporting and governance . The proxy materials do not disclose fund-specific performance metrics (TSR, revenue, EBITDA) tied to his role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Managing Director (since 2019); Senior Managing Director (current) | 2019–present | Executive oversight of fund administration; officer of NPFD since 2015 . |
| Nuveen Securities, LLC | Managing Director (2020–2021); Senior Managing Director (since 2021) | 2020–present | Senior leadership supporting fund governance and filings . |
| Nuveen (parent) | Senior Managing Director (since 2021); Managing Director (2017–2021); Senior Vice President (2006–2017) | 2006–present | Long-tenured senior leadership within Nuveen’s enterprise supporting fund complex operations . |
External Roles
No external board or industry roles disclosed for Lamb in NPFD’s proxy materials .
Fixed Compensation
Not disclosed. NPFD and related funds have no employees; officers serve without any compensation from the Funds. The Chief Compliance Officer’s pay is funded by the Adviser, with partial reimbursement to the Adviser for incentive compensation; officer compensation for Lamb (as a Nuveen employee) is not disclosed in the fund’s proxy .
Performance Compensation
Not disclosed. No performance metric targets or award structures are provided for officers in NPFD’s proxy materials .
Equity Ownership & Alignment
- Individual officer holdings (including Lamb) are not disclosed by name; the proxies state Board Members and executive officers as a group beneficially own less than 1% of each Fund’s outstanding shares .
- For NPFD specifically, group beneficial ownership is shown as zero shares in the detailed table for NPFD, reinforcing minimal insider economic alignment at the Fund level .
| Ownership View | NPFD Shares Owned | Common Shares Outstanding | Ownership % |
|---|---|---|---|
| Board Members and Officers (group) | 0 | 24,164,141 | 0.00% (derived from disclosed counts) |
Additional alignment observations:
- No pledging, hedging, or ownership guideline disclosures apply to officers; the “one-year compensation investment guideline” is a governance principle for Independent Board Members, not officers .
Employment Terms
| Item | Disclosure |
|---|---|
| Position | Chief Administrative Officer (Principal Executive Officer) |
| Term | Indefinite; officer since 2015 |
| Compensation Source | Officers receive no compensation from the Funds; CCO paid by Adviser with partial reimbursement for incentive compensation |
| Section 906 (SOX) Certification | Lamb signs NPFD’s semi-annual report certification as principal executive officer |
| N-CSRS Signatory | Lamb signs NPFD’s report and certification |
| N-PX Signatory | Lamb signs the Fund’s annual proxy voting report |
| Section 16(a) Filings | Fund believes Board Members and officers complied with Section 16(a) in the last fiscal year |
Investment Implications
- Pay-for-performance linkage appears limited at the fund level: officers do not receive compensation from NPFD; Lamb’s compensation is at Nuveen and not disclosed or tied to NPFD-specific metrics. This reduces direct alignment between executive pay and NPFD’s market performance or distribution policy .
- Insider selling pressure looks negligible: group beneficial ownership in NPFD is 0 shares, and the fund reports Section 16(a) compliance with no noted deficiencies, implying low insider-trading signals to monitor at the Fund level .
- Retention risk appears low based on an indefinite term and Lamb’s long-tenured senior roles across Nuveen’s entities; no employment agreements, severance, or change-of-control economics are disclosed for officers in NPFD’s proxy .
- Governance emphasis is on board oversight structures rather than officer incentives. Lamb’s principal executive officer responsibilities center on certifications and filings, not on fund-level variable compensation levers, so analyst focus should shift to portfolio management performance drivers (managed by Adviser/subadvisers) and closed-end fund capital structure decisions rather than executive incentive alignment .