Marc Cardella
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) for Nuveen AMT-Free Municipal Credit Income Fund (NVG). He has served in this officer role since 2024 and is based in Charlotte, NC . As PFO, he co-signs the fund’s Sarbanes‑Oxley certifications (Sections 302 and 906), most recently dated July 7, 2025, evidencing responsibility for disclosure controls, internal control over financial reporting, and fair presentation of financials . Officers receive no compensation from the Funds; the fund documents do not disclose individual pay-for-performance metrics for officers, and Item 18 on recovery of erroneously awarded compensation is “Not applicable” for the fund reporting period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director, Head of Public Investment Finance | Past 5 years (as disclosed) | Leads finance for public investment products across Nuveen, indicating enterprise-level oversight of fund finance and reporting . |
| Nuveen Fund Advisors LLC; Nuveen Asset Management LLC; Teachers Advisors LLC; TIAA‑CREF Investment Management LLC; TIAA SMA Strategies LLC; Teachers Insurance and Annuity Association of America | Senior Managing Director/Managing Director | Past 5 years (as disclosed) | Senior finance leadership across adviser and affiliated entities supporting fund operations and public investment finance . |
| TIAA Separate Account VA‑1 and College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years (as disclosed) | Principal financial oversight roles for major insurance separate account and retirement fund complexes (VA‑1/CREF) . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in NVG filings | — | — | No public company board or external directorships disclosed for Cardella in the officer profile . |
Fixed Compensation
| Component | FY/Period | Amount ($) | Notes |
|---|---|---|---|
| Fund-paid officer compensation (NVG) | Ongoing | $0 | “Officers receive no compensation from the Funds.” Compensation (including base/bonus/equity) is paid by the Adviser; specifics are not disclosed in fund filings . |
The Funds reimburse the Adviser only for an allocable portion of the CCO’s incentive compensation; this does not apply to other officers .
Performance Compensation
No officer bonus targets, equity awards, or performance metric weightings are disclosed in NVG fund filings. Item 18 “Recovery of Erroneously Awarded Compensation” is “Not applicable,” and no clawback framework for officers is detailed in fund reports .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| NVG common shares outstanding | 213,522,362 |
| Board Members and officers as a group – NVG shares | 5,575 |
| Group ownership as % of NVG outstanding | ~0.0026% (5,575 / 213,522,362) |
- As of June 20, 2025, Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund, highlighting limited aggregate insider ownership at the fund level .
- No pledging/hedging disclosures for officers are provided in the proxy or reports .
Employment Terms
| Term | Detail |
|---|---|
| Position | Vice President and Controller (Principal Financial Officer) |
| Tenure in officer role | Since 2024 |
| Term of office | Indefinite; officers are elected annually by the Board to serve until successors are elected and qualified |
| Location | 8500 Andrew Carnegie Blvd, Charlotte, NC 28262 |
| Year of Birth | 1984 |
| SOX Certifications | Section 302 and 906 certifications signed July 7, 2025 (N‑CSR) |
| Clawback (erroneous comp recovery) | Not applicable in the semi‑annual report context (Item 18) |
| Section 16 compliance | Fund reports no delinquent Section 16(a) filings in the last fiscal year |
Investment Implications
- Alignment: Officers’ cash and equity compensation are not paid by NVG and are not disclosed in fund filings; without fund-linked incentive metrics or meaningful insider ownership, direct pay-for-performance alignment with NVG shareholders appears limited .
- Governance and controls: Cardella’s role as PFO and recurring SOX certifications suggest strong accountability for controls and financial reporting; this is supportive for operational risk management but does not provide trading signals per se .
- Insider activity visibility: The fund indicates Section 16 compliance but provides no granular Form 4 transaction detail in proxy materials; lack of disclosed insider buying/selling data limits assessment of selling pressure cues for NVG .
- Retention risk: Officers have indefinite terms and are elected annually; no employment contracts, severance, or change‑of‑control economics are disclosed for officers in fund documents, leaving limited visibility into retention incentives or departure economics .
- Overall: For a Nuveen/TIAA-managed closed-end fund, officer compensation is adviser-based and not fund-disclosed, reducing direct linkage to NVG TSR/discount dynamics. Investor focus should remain on fund portfolio strategy, leverage, discount/NAV management, and Board committee oversight for performance drivers, with officer-level reporting risk mitigated by SOX certification rigor .