Tolley, who was ranked 42nd in Marketing's Power 100 list and was shortlisted for the Marketing Society's Marketer of the Year award, is credited with growing the company's branded food business.
Tolley started his career at Van den Bergh Foods before moving to Kraft. He followed this with spells at Anchor Foods and Fox's Biscuits before moving to Dairy Crest in 1998. Last year, the company promoted him to the newly created role of group marketing development director.
He most recently oversaw the launch of the Frijj Film Festival, backed by a digital campaign.
Dairy Crest was unavailable for comment as Marketing went to press, but it is understood that there are no plans to replace Tolley, who is thought to be taking a three-month cycling trip when he leaves next month.
According to its quarterly figures, the business achieved record sales on its £173m Cathedral City brand, which last year became the UK's biggest cheese brand.
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