Canadian Prime Minister Justin Trudeau is scrambling to halt further damage to his re-election campaign after a string of "blackface" and "brownface" pictures from his past put him at the centre of a scandal.
In a message to NZME staff, Boggs said hearing that story "prompted me to reflect on a character I dressed up as at our fancy-dress Christmas party in 2015".
He was called by a news organisation which had been sent photos.
"We're not sure where the more than 3-year-old photos were dredged up from," Boggs said.
Boggs joined NZME, publisher of the New Zealand Herald, in March 2015 as chief financial officer and was appointed chief executive officer in March 2016.
In his statement, he said: "I'm not aware that any concerns were raised back in late 2015 with my choice.
"However, society is moving quickly and positively to one that is much more sensitive to and aware of conscious and unconscious racism.
"With the benefit of hindsight, getting made up that way was the wrong thing to do and I apologise for that. I would not make the same choice again."