INSTANT VIEW: Morgan Stanley's Mack to step down; Gorman new CEO

NEW YORK (Reuters) - Morgan Stanley (MS.N) Chief Executive John Mack is stepping down and will be replaced by James Gorman, one of the investment bank's co-presidents, the firm said on Thursday.

The following are comments from the market on the change at the top of Morgan Stanley:

COMMENTS:

ANTON SCHUTZ, PRESIDENT OF MENDON CAPITAL ADVISORS IN

ROCHESTER, NEW YORK, WHICH OWNS MORGAN STANLEY SHARES

"Gorman has really earned his stripes. He did a great job at Merrill, he's doing a good job at Morgan Stanley, and the timing for a change seems to be good, because we've made it through the worst of the crisis.

"Mack made some missteps, but he did remove silos at Morgan Stanley and make it one company, and he hired Gorman, which was huge. There were some missteps, but he didn't end up going the route of Bear or Lehman, either."

GAVIN GRAHAM, DIRECTOR OF INVESTMENTS AT BMO ASSET

MANAGEMENT IN TORONTO, WHICH MANAGES MORE THAN $30 BILLION

"It may be that Mr. Mack no longer thinks, in the new Wall Street environment, that he's going to be able to do the job that he needs to or wants to. Alternatively it could be ... that there's some dissatisfaction from shareholders over the relative performance, but that would be surprising.

"It's difficult to see major dissatisfaction as the reason for his departure."

STEPHEN MASSOCCA, MANAGING DIRECTOR, WEDBUSH MORGAN, SAN

FRANCISCO

"It's almost like rearranging deck chairs here. I don't know what to read into it other than trying to look more responsible by trying to separate the chairman and CEO role.

"The fact that Mack is still there, and continues on as chairman, I don't know what that really means. It may have greater meaning internally. I would think it'd have zero impact on the stock."

(Reporting by Jonathan Spicer, Caroline Valetkevitch and Dan Wilchins)