Marc Cardella
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Municipal Value Fund, Inc. (NUV) with service since 2024; he is Senior Managing Director and 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 signs and certifies NUV’s shareholder reports under Sarbanes-Oxley, attesting to disclosure controls and internal control over financial reporting (SOX 302/906) most recently on July 7, 2025 . Fund-level executive compensation and pay-for-performance metrics (TSR, revenue/EBITDA growth) are not disclosed for NUV officers; NUV’s documents state officers receive no compensation from the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Past 5 years (current) | Leads public investment finance; oversight of financial reporting and controls across closed-end funds . |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past 5 years (current) | Senior finance leadership supporting fund governance and reporting . |
| Nuveen Asset Management, LLC | Senior Managing Director | Past 5 years (current) | Senior finance leadership within asset management operations . |
| Teachers Advisors, LLC | Senior Managing Director | Past 5 years (current) | Senior finance leadership for affiliated mutual fund complexes . |
| TIAA-CREF Investment Management, LLC | Senior Managing Director | Past 5 years (current) | Senior finance leadership; coordination of controls and reporting . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TIAA Separate Account VA-1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Current | Certifies reports and ensures SOX compliance and internal controls . |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Current | Financial stewardship and reporting for large mutual fund complex . |
Fixed Compensation
- Officers receive no compensation from the Funds (NUV); the Fund’s CCO is paid by the Adviser and partially reimbursed by the Funds. No base salary, bonus, or perquisite detail is disclosed for NUV officers in Fund documents .
Performance Compensation
- Not applicable at the Fund level for NUV officers; no stock/option awards, performance metric weightings, or vesting schedules are disclosed in NUV’s proxy materials .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (group) | Board Members and executive officers as a group beneficially owned less than 1% of each Fund’s outstanding shares as of June 20, 2025 . |
| Officer shares (individual) | Individual officer holdings are not itemized in NUV’s proxy; only group totals are provided . |
| Pledging/hedging | No pledging/hedging disclosures for officers found in NUV documents . |
| Insider baseline filing | Cardella filed a Form 3 (initial beneficial ownership) for NUV on Dec 3, 2024 (SEC Accession No. 0001225208-24-010385) . |
Employment Terms
| Term | Provision |
|---|---|
| Title & capacity | Vice President and Controller (Principal Financial Officer) of NUV . |
| Start/tenure | Service since 2024; officers are elected annually, term is indefinite . |
| Clawback (fund-level) | “Recovery of Erroneously Awarded Compensation” not applicable in N-CSR filing . |
| Section 16 compliance | Fund reports officers complied with applicable Section 16(a) filing requirements during the last fiscal year . |
| Non-compete / severance / CoC | No employment agreement terms (non-compete, severance, change-of-control) disclosed for NUV officers in Fund documents . |
Additional Governance References
- SOX certifications: Cardella signed SOX 302 and 906 certifications for NUV’s Form N-CSR dated July 7, 2025, confirming fair presentation of financials and effectiveness of disclosure controls and internal controls .
- Officers table: Comprehensive listing of NUV officers and biographies confirms Cardella’s role, address, year of birth, and multi-entity responsibilities .
Investment Implications
- Compensation alignment: Because NUV officers receive no compensation from the Fund and there are no disclosed equity awards or vesting schedules, traditional pay-for-performance alignment signals at the Fund level are absent; compensation resides at the Adviser (Nuveen/TIAA), limiting Fund-specific incentives analysis .
- Insider selling pressure: With only the initial Form 3 on record for NUV and no Fund-disclosed officer ownership detail beyond group totals, near-term insider selling pressure indicators are limited without additional Section 16 Forms 4/5; baseline filing exists as of Dec 3, 2024 .
- Retention and contract risk: No Fund-level employment contracts, severance, or change-of-control terms are disclosed for officers, suggesting standard corporate arrangements at the Adviser rather than Fund-specific retention economics .
- Governance quality: Regular SOX certifications and reported Section 16 compliance indicate robust reporting controls and governance process at the Fund; however, absence of officer-level ownership detail at NUV reduces visibility into “skin-in-the-game” alignment .