Nightly discussions of the concept of a news magazine led Luce and Hadden, both age 23, to quit their jobs in 1922. Later that same year, they partnered with Robert Livingston Johnson and another Yale classmate to form Time Inc. Having raised $86,000 of a $100,000 goal, they published the first issue of "Time" on March 3, 1923. Luce served as business manager while Hadden was editor-in-chief. Luce and Hadden annually alternated year-to-year the titles of president and secretary-treasurer while Johnson served as vice president and advertising director. In 1925, Luce decided to move headquarters to Cleveland, while Hadden was on a trip to Europe. Cleveland was cheaper, and Luce’s first wife, Lila, wanted to leave New York. When Hadden returned, he was horrified and moved Time back to New York. Upon Hadden's sudden death in 1929, Luce assumed Hadden's position.