Will Smith quits the Academy after slapping Chris Rock at the Oscars

Actor Will Smith announced Friday afternoon his resignation from the Academy of Motion Picture Arts and Sciences after he punched comedian Chris Rock during last Sunday's Oscars ceremony.

"I fully accept any and all consequences of my conduct. My actions at the 94th Academy Awards presentation ceremony were shocking, heartbreaking and inexcusable," he said in a statement Friday.

Smith, who won the best actor Oscar for his role in King Richard, said he had betrayed the trust of the Academy, his colleagues and the public by his inappropriate behavior on Sunday and wanted to turn the spotlight on those who deserve to be recognized "for His achievements".

Will Smith receives the award for Best Actor 'King Richard' at the Oscars 2022.Getty Images

"Therefore, I am resigning my membership in the Academy of Motion Picture Arts and Sciences and will accept any other consequences that the Board deems appropriate," he stated in the statement.

News in development...