Warren Buffett is coming closer to naming a successor at Berkshire Hathaway. It remains to be seen whether the company will lose its lustre without the Oracle of Omaha.

Buffett named Gregory Abel, 55, and Ajit Jain, 66, to the company's board on Wednesday. Abel will serve as vice chairman of non-insurance business, while Jain will serve as vice chair of insurance operations.

The appointments are "part of a movement to succession over time," Buffett told CNBC in an exclusive interview.

The legendary investor's departure would put the company into unchartered territory for retail investors. Buffett took the company over in 1965 and has overseen its growth ever since.

The 87-year-old businessman currently serves as chairman and CEO of Berkshire Hathaway alongside vice chairman Charlie Munger, 94. The Omaha-based conglomerate employs tens of thousands in a variety of businesses including insurance, mobile housing and industrial concerns.

Buffett said on Wednesday that he is in "remarkably good health."

"I feel terrific. I love what I do. I can't wait to go to the office in the morning," he said. "There's nothing I'd rather be doing."

Buffett said he will notify Berkshire's board and shareholders if he experiences any health issues. Berkshire's board already knows who would take over if something happened to him, he said on Wednesday.