An owner of a SharePoint can add another user as a co-owner of the SharePoint site. Each SharePoint site should have at least two owners.
Instructions
WARNING: This requires Owner permissions on the SharePoint Site. Guest users form outside the University of Maine System directory cannot be added as owners.
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Click on in the upper right where it tells the number of members.
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Click Add members
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Enter information for the person to add (by default they are added as a member)
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click the drop-down arrow next to "Member" under the new person's name and select Owner
INFO: There is also an option to remove the user's access in the same drop-down menu.
Environment