I like to look at generating passwords, just like generating software keys. You should choose from an array of characters that follow a good practice. Take what @Radu094 answered with and modify it to follow good practice. Don't put every single letter in the character array. Some letters are harder to say or understand over the phone.
You should also consider using a checksum on the password that was generated to make sure that it was generated by you. A good way of accomplishing this is to use the LUHN algorithm.