Will Smith Resigns From Academy Following Slap Heard Round the World

(AP) Will Smith resigned Friday from the motion picture academy following his Oscars night slap of Chris Rock and said he would accept any further punishment the organization imposed.

Smith in a statement released Friday afternoon said he will "fully accept any and all consequences for my conduct. My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable."

Film academy president David Rubin said Smith's resignation was accepted. "We will continue to move forward with our disciplinary proceedings against Mr. Smith for violations of the Academy's Standards of Conduct, in advance of our next scheduled board meeting on April 18."

"I betrayed the trust of the Academy. I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work," his statement said. "I am heartbroken. I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film.