Holt, who joined the West Lothian club in August 2018 and guided them to a fifth place finish in last season’s Scottish Premiership, admitted the decision was a difficult one as he becomes the first managerial casualty in the top flight this term.
Livingston, who are currently languishing in 10th position, have managed just three wins from their opening 15 fixtures, and Holt had intimated after Saturday's home defeat to St Mirren that he would consider his position.
Confirming his decision to part ways with the club, Holt said: “It is with great regret that I have made the difficult decision to resign as manager of Livingston FC.
“This is not a decision that I have taken lightly but feel it is the right time for me to step away. I am proud to say the work we have done over the past two years has resulted in great success both on and off the pitch. The progression the club has seen has been remarkable to be part of and last season’s 5th place finish was one of many highlights.
“I would like to place on record my sincere gratitude to the club, fans and players for all their support during my tenure.
“I wish nothing but the best to everyone connected to the club for the future and hope there is a great deal more success to come. Holty.”
Assisant manager David Martindale, and goalkeeping coach Tony Caig will take charge of the first team on an interim basis ahead of the upcoming Betfred Cup last 16 fixture against Ayr United at the Tony Macaroni Arena this Saturday.
Martindale, who is also Head of Football Operations, paid tribute to the Holt’s achievements over his two years and three months in charge, and insisted the decision to part ways was an amicable one.
“Gary has been tremendous for the club over the past few seasons and we have all enjoyed working with him on and off the park," he said. "It’s very rare in football these days that all parties come out the other end with their relationships firmly intact however, I can honestly say this is the case with Gary’s resignation.
“It’s been a tough season and we are probably a victim of our own success in comparison to last season, which ultimately raised everyone’s expectations including players along with all staff at the club. So, when we don’t quite hit those heights again it can feel like something needs to change and I totally understand Gary’s thought process. Gary can leave
"Livingston knowing he has left us in a better place than when he arrived. Has Gary helped improve Livingston FC? That’s a simple one to answer – 100% yes.
“I’m sure I speak for everyone at the club in wishing Gary nothing but success and I hope his positivity and energy isn’t lost to the game for too long.”
Confirming the news on their official website, the club stated: “Livingston FC regretfully announce that we have accepted the resignation of our head coach, Gary Holt.”