Marc Cardella
Vice President and Controller (Principal Financial Officer) at Nuveen AMT-Free Municipal Value Fund
Executive
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen AMT‑Free Municipal Value Fund (NUW). He is based in Charlotte, NC and has held this Fund officer role since 2024. Concurrently, he is Senior Managing Director and Head of Public Investment Finance at Nuveen and holds senior finance and treasury roles across multiple TIAA/Nuveen entities, including Principal Financial Officer/Principal Accounting Officer/Treasurer for TIAA Separate Account VA‑1 and the College Retirement Equities Fund (CREF) . Officers receive no compensation from the Funds; compensation is paid by the Adviser, so fund‑level pay‑for‑performance metrics (TSR, revenue/EBITDA ties) are not disclosed in NUW proxies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen AMT‑Free Municipal Value Fund (NUW) | Vice President and Controller (Principal Financial Officer) | 2024–present | Principal financial officer for Fund reporting and governance |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Present (start not disclosed) | Finance leadership for insurance separate account |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Present (start not disclosed) | Finance leadership for retirement fund complex |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Present (start not disclosed) | Enterprise finance leadership |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Present (start not disclosed) | Senior finance role |
| Nuveen Asset Management, LLC | Senior Managing Director | Present (start not disclosed) | Senior finance role |
| Teachers Advisors, LLC | Senior Managing Director | Present (start not disclosed) | Senior finance role |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Present (start not disclosed) | Senior finance role |
| Teachers Insurance and Annuity Association of America | Managing Director | Present (start not disclosed) | Senior role at parent company |
| TIAA SMA Strategies LLC | Managing Director | Present (start not disclosed) | Senior role |
Fixed Compensation
- Officers receive no compensation from the Funds; compensation is paid by the Adviser. The proxy discloses the Fund’s Chief Compliance Officer compensation is paid by the Adviser with Board input, but does not detail officer salary/bonus amounts for Cardella .
- NUW’s officers are elected annually by the Board; term: indefinite .
Performance Compensation
- Not disclosed. NUW proxies do not provide performance metric linkages (e.g., revenue growth, EBITDA, TSR) for Fund officers; officers are compensated by the Adviser rather than the Fund .
Equity Ownership & Alignment
- Individual officer share ownership details for Marc Cardella are not disclosed in NUW’s proxy appendices; only Board members’ ranges are provided. As of June 20, 2025, Board members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund .
- Group beneficial ownership in NUW (AMT‑Free Value) is shown as 0 shares in the table of fund shareholdings by Board members and officers as a group .
- Stock ownership guidelines apply to Board Members (expected to invest at least one year of compensation in funds in the complex); no specific ownership guidelines are disclosed for Fund officers .
Employment Terms
| Item | Detail | Source |
|---|---|---|
| Officer election/term | Officers are elected annually by the Board; term: indefinite | |
| Start date in current role | NUW Vice President & Controller (PFO) since 2024 | |
| Compensation payer | Officers receive no compensation from the Funds; Adviser pays | |
| Severance/COC | Not disclosed in NUW proxy | — |
| Clawbacks | Not disclosed in NUW proxy | — |
| Non‑compete/Non‑solicit | Not disclosed in NUW proxy | — |
| Section 16 filings | Fund reports Board Members and officers complied with Section 16(a) filing requirements in the last fiscal year |
Governance and Role Transitions
| Year/Document | NUW Principal Financial Officer (Title shown) | Note |
|---|---|---|
| 2024 DEF 14A | E. Scott Wickerham – Vice President and Controller (Principal Financial Officer) | Officer roster prior to transition |
| 2025 DEF 14A | Marc Cardella – Vice President and Controller (Principal Financial Officer) | Transition into PFO role by 2024–2025 proxy cycle |
Risk Indicators & Red Flags
- Pledging/hedging: Not disclosed for officers in NUW proxies .
- Legal proceedings/SEC investigations: None cited for officers in NUW proxies .
- Option repricing/award modifications: Not applicable; Fund officers’ equity awards not disclosed .
- Say‑on‑pay: Not applicable to closed‑end funds; compensation for Fund officers is not paid by the Funds .
Investment Implications
- Alignment: Fund‑level ownership by the combined group is de minimis (<1%), and NUW shows zero group shares, limiting direct fund share alignment signals; however, Board members are expected to invest one year of compensation across the complex, and officers are enterprise employees remunerated by the Adviser .
- Retention risk: Cardella holds multiple senior finance roles across TIAA/Nuveen, suggesting embedded enterprise responsibility; no employment contract terms or severance/COC economics are disclosed at the Fund level .
- Trading signals: With officers compensated by the Adviser and limited fund‑level ownership disclosure, insider‑selling pressure and vesting‑date catalysts are not observable in NUW proxies; monitor Section 16 filings for any reportable transactions, noting the Fund’s stated compliance with filing requirements .
- Control/transition: The 2024–2025 PFO transition (from Wickerham to Cardella) reflects ongoing optimization of finance leadership within the Fund complex; no adverse governance disclosures accompany the change .