Smith will be banned from attending future Academy Awards for 10 years.

"The Board has decided, for a period of 10 years from April 8, 2022, Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards," the academy's board of governors said in an open letter to members.

The board also apologized for failing to properly respond to the public assault.

"During our telecast, we did not adequately address the situation in the room," the letter said.

"For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers and our Academy family around the world, and we fell short — unprepared for the unprecedented."

Smith announced his resignation as a member of the academy last month, a move that expedited a meeting to decide the actor's punishment.

In a statement provided to CNN, on Friday, the Oscar-winning actor admitted his guilt and accepted his punishment.

"I accept and respect the Academy's decision," Smith said.

During the Oscars on March 27, Smith initially laughed at a joke Rock made about his wife's bald head.

Rock suggested Jada Pinkett Smith would star in a sequel to "G.I. Jane," a 1990s movie in which Demi Moore's character had a shaved head.

The actress has said she has alopecia, a condition that causes hair loss.