Assistant manager Sandy Stewart, first team coach John Henry and goalkeeping coach Phil Hughes have also left the club.
The decision has been taken in order to give the club the best possible chance of climbing to a position of safety in the Championship in the remaining 15 games, which starts with the big trip to Burton Albion on Friday night.
The club would like to place on record its thanks to Owen and his staff for all their efforts this season and we wish them well for the future.
The search for a new manager will begin with immediate effect.
No further comments will be made at this stage.