On Friday, the Academy's Board of Governors met virtually to discuss the situation, ultimately determining that "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," according to a letter sent by Academy President David Rubin and CEO Dawn Hudson and obtained by PEOPLE.
"During our telecast, we did not adequately address the situation in the room. 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," they wrote.
Addressing Rock and hosts Amy Schumer, Wanda Sykes and Regina Hall, Rubin and Hudson wrote, "We want to express our deep gratitude to Mr. Rock for maintaining his composure under extraordinary circumstances. We also want to thank our hosts, nominees, presenters and winners for their poise and grace during our telecast."
"This action we are taking today in response to Will Smith's behavior is a step toward a larger goal of protecting the safety of our performers and guests, and restoring trust in the Academy. We also hope this can begin a time of healing and restoration for all involved and impacted."
The meeting was originally set for April 18 but was pushed up to April 8 since Smith formally resigned from the Academy on April 1. With expulsion off the table, Academy president David Rubin made moves to expedite the process for any possible sanctions, writing in a memo, "It is in the best interest of all involved for this to be handled in a timely fashion."