The Ticker

J.C. Penney's CEO fired

J.C. Penney's board of directors has ousted CEO Ron Johnson after only 16 months on the job as a risky turnaround strategy backfired and led to massive losses and steep sales drops.

The department store chain said that it has rehired Johnson's predecessor Mike Ullman, 66, who was CEO of the department store chain for seven years until November 2011.

The announcement comes as a growing chorus of critics including a former Penney CEO, Allen Questrom, called for Johnson's resignation as they lost faith in an aggressive overhaul plan that included getting rid of most discounts in favor of everyday low prices and bringing in new brands.

Mass. gas prices drop again

Bay State gas prices are down another three cents this week, according to AAA Southern New England.

Self-serve, regular unleaded gas is currently averaging $3.56 a gallon, three cents lower than the national average of $3.59. Local prices are down 13 cents over the past month.

A year ago at this time the Massachusetts average price was $3.87.

White confirmed to lead SEC

The U.S. Senate confirmed Mary Jo White's nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street.

White was approved by a Senate voice vote. She will replace Elisse Walter, who has been interim SEC chairman since Mary Schapiro resigned in December.

TODAY

 The Wentworth Institute of Technology hosts a "Pitchfest" event on campus where students present their startup ideas in the hopes of receiving funding.

TOMORROW

 The Federal Reserve releases minutes from its March interest-rate meeting.

 Beth Israel Deaconess Medical Center and Beth Israel Deaconess Hospital-Needham break ground for the new Beth Israel Deaconess Cancer Center & Surgical Pavilion in Needham.

 IdeaPaint of Ashland has promoted John Stephans, left, to the position of president. Stephans, who succeeds outgoing president Bob Munroe and was formerly senior vice president of marketing, innovation and operations at the company. Prior to that, Stephans was senior vice president of strategic and product marketing at Monster.

 Boston-based Direxion has hired Eric Falkeis as president and chief operating officer of Rafferty Asset Management, the advisor to Direxion Funds and Direxion Shares. Falkeis was most recently chief financial officer and director of exchange-traded fund operations at U.S. Bancorp Fund Services.

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