David J. Lamb
About David J. Lamb
David J. Lamb (born 1963) serves as Chief Administrative Officer (Principal Executive Officer) of Nuveen Municipal Value Fund, Inc. (NUV) and other Nuveen closed-end funds; he has held this officer role in the Nuveen fund complex since 2015 . His principal occupation is Senior Managing Director at Nuveen Fund Advisors, LLC, Nuveen Securities, LLC, and Nuveen, having previously held various roles at Nuveen . Proxy statements disclose that fund officers receive no compensation from the Funds (officer pay is at the Adviser), and no TSR/revenue/EBITDA-linked performance metrics are reported for officers at the fund level .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Senior Managing Director | Current | Executive oversight of adviser functions supporting Nuveen closed-end funds . |
| Nuveen Securities, LLC | Senior Managing Director | Current | Senior leadership over distribution/operational aspects for Nuveen funds . |
| Nuveen (parent) | Senior Managing Director | Current | Senior leadership within Nuveen’s investment management arm . |
| Nuveen (prior positions) | Various positions | Pre-2015 | Longstanding tenure across roles in Nuveen fund complex . |
External Roles
None disclosed in NUV proxy filings for Lamb .
Fixed Compensation
Officers of the Funds, including the Principal Executive Officer, receive no compensation from the Funds; officer compensation is paid by the Adviser (Nuveen), with the Board only reviewing and inputting on the Chief Compliance Officer’s pay and the Funds reimbursing an allocable portion of the CCO’s incentive compensation .
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed | Officers receive no compensation from the Funds; paid by Adviser . |
| Target bonus % | Not disclosed | No fund-level disclosure for Lamb . |
| Actual bonus | Not disclosed | No fund-level disclosure for Lamb . |
| Perquisites | Not disclosed | No fund-level disclosure . |
| Pension/SERP | Not applicable | Funds have no employees; officers are not compensated by Funds . |
Performance Compensation
No fund-level equity or option awards (RSUs/PSUs/options), performance metrics, targets, or payouts are disclosed for officers; officers are not compensated by the Funds .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
Equity Ownership & Alignment
Beneficial ownership is reported for Board Members individually and for Board Members and officers as a group. Officers are not individually itemized, but group holdings indicate zero NUV shares and less than 1% ownership across each Fund .
| Holder | NUV shares owned | Ownership % | Notes |
|---|---|---|---|
| Board Members & officers (group) | 0 | <1% per Fund | Group holdings of NUV are zero; per proxy, each Board Member’s individual holdings in each Fund are <1%, and group holdings across Funds <1% . |
- Stock ownership guidelines exist for Board Members (expected to invest at least one year of compensation in funds); officer ownership guidelines are not disclosed .
- Pledging/hedging by officers is not disclosed in the proxies reviewed .
Employment Terms
| Item | Disclosure |
|---|---|
| Title | Chief Administrative Officer (Principal Executive Officer) |
| Length of service | Since 2015 (officer of Nuveen fund complex) |
| Term/renewal | Officers elected annually by the Board; term indefinite |
| Contract/severance | Not disclosed |
| Non-compete/non-solicit | Not disclosed |
| Change-of-control | Not disclosed |
Risk Indicators & Red Flags
- Late Section 16(a) filing: David Lamb filed a late Form 4 with respect to the Nuveen Municipal Credit Income Fund (NZF), indicating timeliness risk in insider reporting .
- Officers receive no fund-level compensation and have zero group holdings in NUV, limiting direct pay-for-performance alignment at the fund level (ownership reported at group-level only) .
Board Governance (context)
While Lamb is an officer, not a director, the Board operates with robust committee oversight (Audit, Compliance/Risk, Dividend, Investment, Nominating/Governance, Closed-End Fund committees), all comprised of Independent Board Members, with meeting frequencies disclosed; officers serve without compensation from the Funds .
Investment Implications
- Compensation alignment: Because officers receive no compensation from the Funds and NUV reports zero group officer/Board holdings in NUV, there is limited direct pay-for-performance alignment at the fund entity level; Lamb’s compensation is at the Adviser (Nuveen), not disclosed in the fund proxies .
- Insider trading/pressure: A late Form 4 by Lamb in NZF suggests monitoring insider reporting and any future Form 4 activity across Nuveen funds as potential signals around trading pressure or compliance rigor .
- Retention/contract risk: No employment contracts, severance, or change-of-control terms are disclosed at the fund level; officer service is indefinite and elected annually, reducing explicit retention economics but providing governance flexibility .
- Governance oversight: Independent Board structure and active committee oversight support operational discipline; however, absent officer-level equity/comp metrics, investors should rely on Nuveen Adviser disclosures and fund performance reporting rather than fund-level executive incentives to gauge alignment .