Published Sunday, 15 January 2012
The dramatic news came after the side crashed out of the JJB Sports Irish Cup to north Belfast's amateur side Newington YC on Saturday.
A statement on the Glentoran website said that Young offered his resignation on Sunday morning at a meeting with the Club's chairman, Terence Brannigan.
The resignation was accepted by the Board of Directors in the evening.
"It is with regret that we wish to formally announce the resignation of Scott Young as Manager of Glentoran Football Club, with immediate effect," the statement read.
Brannigan said: "Since my arrival at this great club a year ago Scott Young has given me unstinting support and this is a very sad day for me and for Scott.
"Scott has displayed a passion and love for this club since he first joined it nearly 15 years ago and, in leaving us, I would wish him to be remembered for his professional integrity and for the part he played in the successes enjoyed by the club during his period with us, including leading us to last season's County Antrim Shield triumph and to our most successful foray into Europe in years."
The east Belfast club said the process of recruiting a new manager would "begin immediately".
The team will be managed by Director of Football, Roy Coyle, in the meantime.
Brannigan said: "During this difficult time we are fortunate to have someone of Roy Coyle's experience and stature to step into the breach and I am certain that Roy will enjoy the confidence and support of everyone associated with our club - supporters, players, coaches, officials and Directors."
Glentoran crashed out of the Irish Cup in spectacular style when they went down by a single goal at home to Newington YC.
Neil Quinn scored in the 24th minute when he netted from close range after a Chris McFall throw-in.
It was a defensive blunder when Quinn was unchallenged on the six yard line.