Fabius, I respect your Catholic views and by your lights I, a LDS, am a heretic, as are all Lutherans, Methodists, Baptists and any and all other so-called Christians who do not recognize the authority of the Catholic church.
At least you recognize that divine authority is indeed necessary to administer the ordinances of salvation such as baptism. We quarrel on where God's authority resides on earth today, but among Christians our two faiths are unique in making it central.
I'm pretty sure the Catholic church didn't delegate authority to Luther, Wesley, Rick Warren or anyone else to start a new church. Joseph Smith claimed to receive the priesthood directly from Peter, James and John. It's Mormons, Catholics or nobody.