After working to strengthen the Left alliance, Mitterrand became First Secretary of the new Socialist Party in 1971. As President he initially moved to raise basic wages, increase social benefits, nationalize key industries, and decentralize government. After the Socialist Party lost its majority vote in the 1986 general election, Mitterrand asked the right-wing politician Jacques Chirac to serve as Prime Minister. Mitterrand was re-elected as President in 1988 and served until his retirement due to ill-health in 1995. He died the following year.