In August 2004, Lee Kuan Yew's son Lee Hsien Loong succeeded Goh Chok Tong and became Singapore's third Prime Minister. Lee Hsien Loong announced the position of Minister Mentor when he named his Cabinet on 12 August 2004. Before his appointment as Minister Mentor, Lee Kuan Yew was Senior Minister from 1990 to 2004 in Goh Chok Tong's Cabinet. Goh became Senior Minister in Lee Hsien Loong's first Cabinet.
On 14 May 2011, following the general election that took place seven days earlier, Lee Kuan Yew and Goh Chok Tong announced their retirement from the Cabinet.