M. Edward Sellers, the chairman and chief executive officer of Blue Cross and Blue Shield of South Carolina, plans to retire from the CEO post Aug. 1.

David Pankau, 46, who has been the president and chief operating officer of the company, is set to become the CEO.

Sellers, 65, has been CEO of South Carolina Blue, Columbia, S.C., since 1992 and chairman since 2001. He has a bachelor’s degree in physics from Vanderbilt University and a master’s degree in business from Harvard.

Sellers is the chairman of New Carolina, Columbia, and the vice chair of the Palmetto Institute, Columbia.

Pankau has worked for South Carolina Blue for 17 years. He has been president and COO since Aug. 1, 2009.

Pankau earlier has been president of the company’s BlueCross BlueShield insurance division and president of the company’s health maintenance organization subsidiary.

Pankau also has worked for the South Carolina Health and Human Services Finance Commission.

Pankau has a bachelor’s degree in health administration from Eastern Illinois University and a master’s degree in public health from the University of South Carolina.