When the team needs a new owner, it is possible to transfer the ownership. The current owner is the only one who can transfer the ownership.
To transfer the ownership to another team member, click on your user icon at the top right. There, go to Team settings.
Scroll down to Administration and you'll find the Ownership option.
If you want to change the owner of the team, click the dropdown to select an active user. Once you've selected someone, click Transfer.
To make sure you're transferring it to the correct user, a popup will appear where you have to enter the name of the new owner of the account. If you're sure you want to transfer ownership, enter the name, and click Confirm: Transfer ownership to complete the transfer.