"Today it is with deep heartfelt sadness that AC/DC has to announce the passing of Malcolm Young," read a statement from his brother, Angus, posted on the band’s website.
Young, 64, and his brother Angus was the founding members of AC/DC, who has produced hits like "Highway to Hell", "You Shook Me All Night Long", and "Thunderstruck" since the hard rock band rose to prominence in the late 1970’s.
While younger brother Angus – with his schoolboy uniform, goosestep and searing guitar solo’s – is perhaps the better known of the Young-brothers, Malcolm’s rhythm guitar was the cornerstone of the band’s signature sound.
"With enormous dedication and commitment he was the driving force behind the band," reads the statement. "As a guitarist, songwriter and visionary he was a perfectionist and a unique man."
"He always stuck to his guns and did and said exactly what he wanted."
"He took great pride in all that he endeavoured. His loyalty to the fans was unsurpassed."
"As his brother, it is hard to express in words what he has meant to me during my life, the bond we had was unique and very special," said Angus.
"He leaves behind an enormous legacy that will live on forever."
"Malcolm, job well done."
Malcolm had been suffering from Dementia for several years and passed away peacefully with his family by his bedside, according to another statement on the band’s website.
Malcolm is survived by his loving wife O'Linda, children Cara and Ross, son-in-law Josh, three grandchildren, sister and brother.
"While thanking all for their overwhelming support and heartfelt condolences, the family ask that you respect their privacy during this time of heartbreak and grief," reads the statement.
"For those wishing to send messages to the family please visit the Sydney Morning Herald Malcolm Young Memorial website which will be available next week. The family have asked instead of flowers to send donations to The Salvation Army."
Young’s passing is not the first time the band lost one of its members. Original vocalist Bon Scott died in 1980 due to alcohol poisoning. Rather than disbanding, AC/DC acquired the services of vocalist Brian Johnson and recorded the album Back in Black, widely regarded as a seminal album in the hard rock genre.