Will Smith has resigned from the Motion Picture Academy following his Oscars night slap to 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, according to a report from Los Angeles by AP.

“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.

Smith loses voting privileges with his resignation. But there are other, less tangible benefits to being part of the academy, Hollywood’s most prestigious organization: It bestows industry credibility on its members. It’s invitation only, and with a once-a-year membership review.

“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,” Smith’s 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.

“Change takes time and I am committed to doing the work to ensure that I never again allow violence to overtake reason.”

The resignation came two days after the academy’s leadership board met to initiate disciplinary proceedings against Smith for violations against the group’s standards of conduct. Those proceedings could have resulted in suspension or expulsion, and it was not immediately clear what additional punishment he could face.

Had he been expelled, Smith would have joined a small group of men removed from the academy: Harvey Weinstein, Roman Polanski, Bill Cosby and the actor Carmine Caridi, who was kicked out for sharing awards screeners.

On Sunday, Smith strode from his front-row Dolby Theatre seat on to the stage and smacked Rock, who had made a joke at the expense of Smith’s wife, Jada Pinkett Smith. Moments later, he went on to win the best actor award for his role in ‘King Richard’.

Rock, who was about to present the Oscar for best documentary, declined to file charges when asked by police. He has only briefly addressed the attack publicly, saying at one comedy concert in Boston this week that he was still “kind of processing what happened”.