The company I work for currently gave me my password, comprised of four space-separated words, on my first day. It has no expiry and can only be changed at request or if compromised.

My only gripe with this approach is that my specific password is a bit awkward to type. I tend to pick passwords at least partly based on "keyboard feel" and it's annoying that there's one word that has a lot of repetition of colocated letters.

Other than that it's a fantastic model and hugely preferred over routine password resets.