After slapping presenter Chris Rock on stage at last weekend"s Academy Awards, Will Smith announced in a statement Friday that he has resigned from the Academy of Motion Pictures Arts & Sciences. "I am resigning from membership in the Academy of Motion Picture Arts and Sciences, and will accept any further consequences the Board deems appropriate," Smith said in a statement. Smith"s statement concluded, "Change takes time and I am committed to doing the work to ensure that I never again allow violence to overtake reason." After the embarrassing episode at Sunday night"s Oscars, The Academy announced on Wednesday that it had "initiated disciplinary proceedings" against Smith. 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. Disciplinary actions by the Academy include suspension or expulsion, along with "other sanctions permitted by the Bylaws and Standards of Conduct," the organization said. Instead, Smith has willingly left the acclaimed organization of movie stars, directors and producers. By resigning, Smith will no longer be able to vote on Oscar-nominated movies and performances each year. His work, however, will still be eligible for future Oscars consideration and nominations. He initially apologized to the Academy during his televised acceptance speech for best actor, about forty minutes after the slap. But in that speech, he did not apologize to Rock. — CNN