Published: 17:24 EST, 25 September 2014 | Updated: 07:24 EST, 26 September 2014
Newly retired AC/DC guitarist and founder Malcolm Young has called time on his illustrious career due to an ongoing battle with dementia, reports the Sydney Morning Herald.
The musician, 61, confirmed his retirement due to an undisclosed illness on Wednesday, just before the release of the infamous group's newest album Rock Or Bust.
A source close to the legend told the Australian newspaper on Friday that Young has been admitted to full time care at a facility in Sydney's Elizabeth Bay that is known for providing specialist treatment to suffers of the degenerative disease.
Scroll down for video
Retired: AC/DC guitarist and co-founder Malcolm Young has reportedly retired from the Australian band due to an ongoing battle with dementia
The guitarist and songwriter's wife Linda has reportedly moved Young to Lulworth House, the eastern suburbs aged care facility that also housed former NSW premier Neville Wran until his death in April this year.
It was only in August that the rocker's band members Brian Johnson, Angus Young, Phil Rudd and Cliff Williams, who have been recording together for the last 40 years, hinted that the band's rhythm guitarist was weighing up whether he should continue making music with the band.
Although Young worked extensively on AC/DC's latest studio record, the group made it clear that he would not be touring or recording with them in the future.
The Australian band's labels Albert Music and Sony confirmed rumours of Malcolm's departure earlier this week when they released a statement saying: 'unfortunately due to the nature of Malcolm's illness, he will not be rejoining the band.'
Specialist aged care facility: The 61-year-old musican has reportedly been moved to full time care at Lulworth House in Sydney's Elizabeth Bay
Arguably Australia's most iconic rock band: Malcolm Young, Brian Johnson, Angus Young, Phil Rudd and Cliff Williams have been creating music together for almost four decades
Instead, Angus and Malcolm Young's nephew Steve Young, will be joining as rhythm guitarist.
The band confirmed they will embark on a world tour to celebrate their 40th anniversary as a band and promote Rock Or Bust, their 15th studio album, at an undisclosed date.
With Young, the band's songwriter of 40 years, departure, brother Angus Young will be taking on wordsmith duties writing future songs.
Due to be released on November 28, Rock Or Bust is and comes six years after the band's hugely successful album Black Ice.
Farewell: On Wednesday the guitarist and songwriter announced his retirement due to an undisclosed illness
Legend: Young was the backbone of the Australian band, and is best known for being it's co-founder, rhythm guitarist, backing vocalist and songwriter
It's a long way to the top: The band confirmed that they will embark on a world tour to promote their newest album Rock Or Bust and to celebrate their 40th anniversary as a band
The 2008 album sold eight million copies world wide and was No.1 in 31 countries at the time of its release.
Drummer, Phil Rudd, 60, released his own solo album last month called Head Job.
When asked at the time if he was thinking of also leaving the band he quickly retorted 'Angus Young will never retire,'
'We were never going to retire. It'll never happen. Angus will never retire and as long as Angus never retires I won't f*****g retire either.'
A look back at the career of Aussie rock greats AC/DC
A new chapter for AC/DC: In August the band hinted that their rhythm guitarist was weighing up whether he should continue making music with the band
New blood: Young is opening up his position in the band to his nephew Steve Young and handing over songwriting duties to his brother Angus
Hey day: AC/DC was formed in November 1973. Alhough the band is offered references as heavy metal, the members have always classified their music as rock n roll