Jeremy Siegel says committee picking Dow stocks has done 'darn good job,' beating the S&P long term

Jeremy Siegel
David Orrell | CNBC

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The big shakeup to the Dow Jones Industrial Average replaced longtime stalwart ExxonMobil with a software stock, but Wharton professor Jeremy Siegel said he trusts the track record of the Dow to get it right.

The Dow is changing three of the stocks in its lineup starting on Aug. 31, as the imminent stock split for Apple spurred a reshuffling to emphasize technology in the price-weighted average. Siegel said on CNBC's "Squawk Box" that the people who choose the Dow members have proven over the decades that they can pick the right stocks.