Yes you can.
There are two ways to go about this.
Individual Contacts
In the contacts page, under contact details, click EDIT.
This will open the contact details menu page.
Here you can reassign the contact to another team member under the PRIMARY TEAM MEMEBER tab, then hit SAVE.
Bulk Contacts
Open up settings in your hamburger menu.
Within the menu on the left hand side, open USERS & PERMISSIONS>RE-ASSIGN.
Choose your FROM TEAM MEMBER and your TO TEAM MEMBER, noting you can still select a removed team member to move contacts from.
This will now bring up all contacts from the original team member. You can select individual contacts or SELECT ALL to move them in bulk. Once you have selected your contacts, scroll to the bottom of the list and click RE-ASSIGN.
You will need to repeat this for each catagory at the top of the page.