The Trotters, relegated from the Barclays Premier League last term, currently lie 18th in the npower Championship after claiming only three wins in their first 10 matches.
Chairman Phil Gartside said in a statement on the club's official website: "Owen poured his heart and soul into the job, both on and off the pitch, and he led our club with great dignity during some very challenging times."
Source: PA
Source: PA