Hutchings, who had a spell with the Saddlers as a player between 1990 and 1991, took over at the Banks's Stadium following the sacking of Jimmy Mullen.
The 53-year-old enjoyed success as assistant manager at both Bradford and Wigan, helping both to promotion to the Premier League.
O'Connor, 43, had two spells with the Saddlers as a player and was in his first full-time coaching position.
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