Veteran US actor Will Smith has voluntarily resigned from the Academy of Motion Pictures Arts & Sciences, after the embarrassment he caused by slapping comedian and show host, Chris Rock, on stage during the Oscars on Sunday, March 27.

Announcing his decision in a statement by his publicist on Friday, Smith said:

“I am resigning from membership in the Academy of Motion Picture Arts and Sciences, and will accept any further consequences the Board deems appropriate.

“My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable.

“The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home.

“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. I am heartbroken.”

Smith had sensationally stormed the stage to slap Rock over a joke the comedian made about his wife, Jada Pinkett Smith’s shaved head which is a result of an hair-loss condition known as alopecia.

Smith would go on to win the best actor award for his role in the Ministry “King Richard,” where he played the father of tennis stars Venus and Serena Williams.

Shortly after Smith’s statement, the Academy said it has accepted the resignation and would “continue to move forward” with disciplinary proceedings against the actor.

David Rubin, President, Academy of Motion Picture Arts and Sciences, said in a statement Friday that the organization has received and accepted Smith’s “immediate resignation.”

“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,” Rubin added.

Such disciplinary proceedings could include stripping Smith of the Oscar he won although that seems unlikely, but he would definitely be denied future appearance at Academy Awards ceremonies.

According to the regulations guiding the Academy, disciplinary actions include suspension or expulsion, along with “other sanctions permitted by the Bylaws and Standards of Conduct.”

Only a handful of actors have been expelled from the Academy in the past including Harvey Weinstein, Bill Cosby and Roman Polanski, but it was not clear if the same fate was about to befall Smith before he threw in the towel.

But with Smith willingly resigning from the organization of movie stars, directors and producers, he will no longer be able to vote on Oscar-nominated movies and performances each year but he works will still be eligible for future Oscars consideration and nominations.