Will Smith resigns from film academy over Chris Rock slap

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

LOS ANGELES -- 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.”

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.