Bidwill admitted that he was resigned to losing Licht sooner or later and expressed his belief that he would be a success with the Buccaneers.
"Jason did a tremendous job in two different stints with the Cardinals and we knew it was only a matter of time before he would become a GM," Bidwill said in a statement.
"We know that he will do a great job in Tampa. At the same time, [Cardinals GM] Steve [Keim] has developed a very deep bench in our personnel department to prepare for this event and will continue to make that area a strength of the organization."
Licht has plenty of experience in the NFL having previously worked for the Miami Dolphins, Carolina Panthers, New England Patriots and Philadelphia Eagles.