Yes, provided you are the current owner of a team you can transfer ownership of that team to another team member by doing the following:
1. Log into your account.
2. Click on the settings dropdown menu with your name on it in the top right hand corner and click on Account settings, then click on the Team members tab.
Make sure the person you wish to transfer ownership to is already a team member. If they aren't then invite them to join.
3. Once on the team members page, from the list of team members click the dropdown to the right of the team member you wish to transfer ownership to. Then from the screen that opens up select 'Is the owner'. Hit the 'Update' button and you're all done.