The Frenchman was dismissed after 16 months in charge following Saturday's 4-1 defeat by Crystal Palace.
He left the club 12th in the Premier League having lost five of their past six league games.
"The results are poor, but the performances have been good," said Stowell, who is in temporary charge alongside Adam Sadler.
"It's always sad when a manager loses his job but I wouldn't say that the players let him down.
"We just didn't get the rub of the green sometimes and when mistakes happen they are not made deliberately."