The family of founding AC/DC guitarist Malcolm Young has confirmed reports that the musician is suffering from dementia, a condition that has forced him to retire permanently from the legendary rock group.

"Malcolm is suffering from dementia and the family thanks you for respecting their privacy," is the full text of the Young's statement to People magazine. Back in April, the band confirmed that Malcolm was battling an unspecified illness, and would be taking what was then termed as a "break" while the rest of AC/DC recorded their next studio album.

Last week the group announced that the new record, entitled 'Rock or Bust,' would be released this coming December, and also revealed that Malcolm (brother of the group's lead guitarist Angus Young), would not be returning to the band.

The Young brothers' nephew Stevie, who previously filled in for Malcolm on a series of late-'80s tour dates, joined the group for the creation of 'Rock or Bust' and will also accompany them on a world tour in support of the album. Sixty seconds of a song named 'Play Ball' is currently being featured on TBS Network's televised coverage of the Major League Baseball Playoffs.

Learn More About AC/DC's Early Years