On 8 June 2023, Tharman announced his scheduled resignation on 7 July 2023 from all his positions in the government and as a member of the People's Action Party (PAP) to run for the 2023 presidential election.
Tharman announced his intention to step down on 8 June 2023, with his last day in office scheduled for 7 July 2023, leaving government positions and his PAP membership to pursue a bid for president in the 2023 election.