The bark has been peeled back to expose the cambium to show the white mats of the fungal mycelium.
OSU Extension Plant Pathology Slide Collection, 1982.
See:
Cherry (Prunus spp.) - Armillaria Crown and Root Rot
Note: Marianna 2624 as a rootstock is reported to have Armillaria tolerance but has two drawbacks: it suckers profusely and has a shallow root system.