Shaikh Abdus Salaam Burgess [rahimahullaah] said: Just as it is obligated on a student to recant a mistake, then likewise it is obligated on a teacher [or scholar] to return to the truth when he errs. He is not to be prevented from returning to the truth after reviewing a statement he made and finds that it is in opposition to what is correct, for indeed that is a sign of equity and humbling [oneself] to the truth.
Therefore, it is obligated that one follows what is correct, whether it was [conveyed] by a younger or older person. And it is blessing upon a teacher that he has amongst his students one who notifies him of his mistake and leads him to what is correct, so that he does not persist upon that ignorance. This requires that one shows gratitude to Allaah [The Exalted] and then being thankful to the person through whom one was guided [to what is correct], whether it was a student or other than him.
Source: An Excerpt from ‘Awā’iq at-Talab pg. 52 – Shaykh ‘Abdus Salām ibn Burjis (rahimahullah). Slightly paraphrased