Identica said plans regarding a new CEO will be announced "in the near future".
Peters founded the consultancy in 1992 and sold the business to Cossette Communication Group in December 2004. He was also a founding member of the Design Business Association and worked to champion the role of creativity in business.
Jean-Luc Viard-Gaudin will continue as general manager, having joined the firm from Cossette in 2004. He has previously worked on projects for Air Canada, Advanced Micro Devices, Bell and Cirque du Soleil. He has also continued to build Identica's global portfolio with branding for clients such as Baltika and Nike.
Viard-Gaudin said: "Identica was acquired by Cossette Communication Group four years ago and we have always known that one day Michael would want to be less involved in the day to day running of the business, so we have worked with him to plan his gradual withdrawal from the business."
Indentica has worked on identity and packaging design projects for Universal Studios, Johnnie Walker, Aeroflot, Captain Morgan, online bank icesave, the new Wembley Stadium, Russian Standard vodka and law firm Nabarro.