George Young, guitarist in the Sixties band the Easybeats and the co-producer on AC/DC's first five albums, has died at the age of 70.
"It is with great sadness that Alberts acknowledge the passing of George Young", the statement read.
CEO David Albert described him as a "consummate songwriter, trailblazing producer, artist, mentor and extraordinary musician".
Prior to AC/DC's formation, Young was the vocalist for the rock group Marcus Hook Roll Band, with his brothers on guitar. There is an outpouring of love and kindness as fans band together to remember this talented man who brought us some of the best music that was ever written and produced.
The Young brothers added, "As a brother, you could not ask for a finer brother".
Young retired from the music business in the late 1990s, but returned in 2000 to produce AC/DC's album "Stiff Upper Lip", which hit the No 3 spot in Australia and No 7 in the U S.
Young was born in Scotland in 1946 and migrated to Australia with his family as a teenager.
Fellow rocker Jimmy Barnes said that Young was "a great songwriter, producer and a great human being". He later formed The Easybeats after meeting Harry Vanda in Sydney.
Young was inducted with Vanda into the Australian Recording Industry Association Hall of Fame in 1988.
RIP George Young: from the Easybeats to Albert Productions, his influence on Oz music is immeasurable.
Young and Vanda teamed up to record their own music in the 1970s as Flash and the Pan.
The Easybeats set their sights on conquering the world and moved to London in 1966, recording Friday On My Mind, which reached No. 1 in Australia, No. 6 in the United Kingdom and the top 20 in America.
Love Is In The Air, the disco number Young and Vanda penned for John Paul Young, was another chart success, reaching number seven in the US. They were just so talented'.