Academy's president said it was time for major changes after remarks from prominent individuals

Amid calls for a boycott of the Academy Awards over its all-white acting nominees and Spike Lee and Jada Pinkett Smith both announcing they would sit out this year's ceremony, the academy's president said it was time for major changes - and soon.

Academy of Motion Pictures Arts and Sciences President Cheryl Boone Isaacs issued a statement promising more diversity, and quickly, after both Lee and Pinkett spoke out on Monday.