The son of the late Flip Saunders - who was both the Timberwolves coach and president of basketball operations - Ryan is now tasked with trying to direct Minnesota to the postseason.
Tom Thibodeau is no longer the coach of the Timberwolves.
Thibodeau also served as Minnesota's president of basketball operations.
Taylor said he was "just looking at the results".
"We had just celebrated a good win, so we all went home thinking the day was over", Towns said. Team owner Glen Taylor said: "We would like to thank Tom for his efforts and wish him all the best".
Young received a big compliment when the game ended, as 12-time All-Star Dwyane Wade, who is retiring after the season, took his jersey off at halfcourt and made a swap with the Atlanta rookie. Thibodeau, 60, led the Timberwolves to the playoffs a year ago for the first time since 2004, but are just 19-21 on the season, including 5-15 on the road.
So when Thibodeau was sacked by Minnesota, it wasn't a surprise Hoiberg's name came up quickly, what was unexpected was to see him linked to a possible front office/GM role. However, Thibodeau was a driving force in bringing the Timberwolves back the playoffs after a 13-year dry spell.
Thibodeau was also the head coach of the Bulls from 2011-15, where he compiled a 255-139 record. Ryan Saunders will be stepping in as coach on an interim basis.
Taylor is seriously considering Hoiberg as the next general manager or head coach of the franchise, league sources told ESPN's Adrian Wojnarowski.
The Timberwolves will face the Thunder in Oklahoma City on Tuesday.
Hoiberg - whose name has come up in relation to the UCLA coaching search - told Zach Lowe of ESPN what he wants to do is coach, not work in a front office again.