US actor Will Smith has resigned from the Oscars Academy after slapping comedian Chris Rock on stage during last Sunday’s ceremony.

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

The Academy said it accepted the resignation and would “continue to move forward” with disciplinary proceedings.

Smith slapped Rock over a joke about his wife’s shaved head, a result of the hair-loss condition alopecia.

Less than an hour later, he was awarded the best actor award for his role in “King Richard”, where he played the father of tennis stars Venus and Serena Williams.

“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,” Smith said on Friday.

“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.”

The Academy of Motion Picture Arts and Sciences, which organises the Oscars, is a global organisation with around 10,000 members.

Most people cannot apply to join – they must be nominated by at least two existing members. People nominated for an Oscar are automatically considered and do not need to be nominated.

Smith said he wanted to “put the focus back on those who deserve attention for their achievements”.

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

The Academy’s president David Rubin said it had accepted Smith’s resignation, but would continue its disciplinary proceedings.

Rock addressed the episode during a stand-up show in Boston on Wednesday, saying he was “still kind of processing what happened”.

The comedian, 57, who is currently starring in his “Ego Death” tour of the US, was greeted with a standing ovation by fans.

Rock had earlier decided not to press criminal charges against Smith, reports say.

Smith’s wife, actress Jada Pinkett-Smith, broke her silence in a brief Instagram post on Wednesday, writing: “This is a season for healing and I’m here for it.”

What is the Academy – and why do people join?

The Academy of Motion Picture Arts and Sciences was founded in 1927 and the elite group began putting on the Academy Awards — which dole out the Oscars — in 1929, according to the Academy’s website. It currently has 10,000 members who make up 17 branches of the movie-making industry ranging from writers and actors to make-up artists and public relations. 

Membership reviews take place once a year in the spring and those hoping to gain access must be sponsored by two members of the Academy currently in the branch they seek admission to. However, Academy Award nominees are automatically considered for membership and do not need sponsorship. 

Members of the Academy have access to many perks, including the right to vote for those nominated in their branch and a vote for Best Picture. They also receive exclusive access to screenings of nominated movies. 

What does the resignation mean for Smith?

When he resigned from the Academy, Smith gave up those aforementioned perks. His resignation, however, does not mean he will lose his Oscar for his role in “King Richard.” He can also be nominated again in the future and be invited back to the ceremony, according to Variety

But the Academy announced last week it is reviewing the incident and will hold a disciplinary meeting for the actor on April 18. Smith could be sanctioned if he is found to be at fault during the review, but it’s not yet clear if the Academy would go as far as to take away the “Best Actor” award he won.