In any farewell speech, the focus must be on the employee who is leaving.
Ideally you must begin with a short introduction as to why the function is organized and then give a brief update of the person eg. begin with when the person joined, his job profile, his contribution and possibly also touch upon his education and family background.
Next move on to express your appreciation of his contribution as an employee, a colleague and refer to some personal qualities of the person that were much appreciated by all. Highlight a few facets of the person that were unknown to others e.g. if the person is a good painter/ has a passion for social work etc.
Conclude with warm appreciation for the contribution the person has made, the influence on the functional area in particular and the company in general and why the company and the colleagues will miss the person.
Wish the person all success and invite the senior most person or a very close associate to offer a token of appreciation and love from all.
You can tweak the above to meet your specific requirements.
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