09/26/2014 10:49 EDT | Updated 09/26/2014 11:59 EDT

AC/DC's Malcolm Young Has Dementia: Reports

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INDIANAPOLIS - NOVEMBER 03: Malcolm Young of the Australian rock band AC/DC performs in concert on their 'Black Ice World Tour' at the Conseco Fieldhouse on November 3, 2008 in Indianapolis. (Photo by Joey Foley/FilmMagic)

Malcolm Young, the guitarist and co-founder of Australian rock outfit AC/DC, is being treated for dementia in a Sydney-area care home, numerous reports suggest.

The Sydney Morning Herald reported Friday the rocker's wife Linda has placed him in care at Lulworth House, a nursing home in an eastern suburb of Australia's largest city.

A source close to the Young family told the newspaper the 61-year-old legend has a "complete loss of short-term memory" and has trouble remember people moments after meeting them.

Meanwhile, former band manager Michael Browning told The Australian he knew of the dementia, adding that Young had suffered a stroke as well.

"It's shocking, it's terrible," he told the newspaper. "Sadly for AC/DC they're losing their creator, their mentor, he's the genius behind the band."

The news comes days after AC/DC announced Young's retirement from the band, just as they're set to release a new album titled "Rock Or Bust" on Dec. 2. It's the band's first release since 2008's "Black Ice."

Malcolm's nephew Stevie Young has replaced the guitarist in recording sessions and will travel with the band on a 2015 world tour.

Young founded the band with brother Angus in the early 1970s. Malcolm had an idea for a "no-nonsense rock band" built around Angus, according to the Rock and Roll Hall of Fame.

The band played their first concert in Sydney on New Year's Eve in 1973. They would go on to form a sound that was more hard rock than heavy metal.

Over 40 years, the band received massive international success with tracks such as "Dirty Deeds Done Dirt Cheap," "Highway to Hell" and "You Shook Me All Night Long."

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