The 61-year-old musician's retirement from the band was announced a few days back but the reason was kept under wraps, reported People magazine.
The family has broken silence on his health, after reports surfaced that he is suffering from the brain disease.
"Malcolm is suffering from dementia and the family thanks you for respecting their privacy," they said in a statement.
The group will release its 17th studio album 'Rock or Bust', in December, which is the first without Young in the group's 41 years together.
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