Will Smith says he 'respects' Oscars ban of 10 years

Will Smith is responding positively to his Oscars ban.

In a statement obtained by PEOPLE, the King Richard star accepted his fate with the Academy with an open heart.

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

His statement came after the Academy banished him from Oscars for the upcoming decade.

"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," per a letter sent by Academy President David Rubin and CEO Dawn Hudson and obtained by PEOPLE.

"The 94th Oscars were meant to be a celebration of the many individuals in our community who did incredible work this past year; however, those moments were overshadowed by the unacceptable and harmful behavior we saw Mr. Smith exhibit on stage," they wrote.

"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 added.

"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," they said.

"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," they added. "We also hope this can begin a time of healing and restoration for all involved and impacted."