Owers and Assistant Head Coach Martin Kuhl will replace Kevin Nicholson, who left the club ten days into the season.
Torquay are winless and they feel the Bath City boss is the man to take the club forward following his exit from Twerton Park.
Speaking to the club's website about the managerial change,
Geoff Harrop, United's General Manager, said Owers was the best candidate for the role.
“We were very pleased with both the quality and quantity of applications we received, providing the enviable but time-consuming position of real choice," he said.
"Gary and Martin emerged as our choice from a very competent and experienced pool of applicants and we have spent the remaining time in detailed discussion with Gary, Martin and their respective clubs.
“It has been important for us to find the individuals who we think can adopt our plan for sustainable success and can bring the talent, experience and contacts that are key for a club wanting to climb and top the National League. These guys tick all the boxes for us."
He takes over the Vanarama National League side who are currently bottom of the table, he leaves Bath City who sit ninth in the Vanarama National League South.
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