I've never bothered to work out an exact name because there are a number of problems that appear similar and the treatment and outcome are the same. Verticillium is one that appears to produce these symptoms so could very well be the case.
Grey/brown cambium is dead. Unless there is some part connecting roots to trunk that is healthy there is no hope. Usually by this stage the infection has spread right round the trunk so no water or nutrient can get to the branches and, even though cambium above is currently good, it is only a matter of time before it dies too. I've seen some trees recover but only if the damage was just starting. The tree cannot survive long enough for new bark to grow over the damaged area unless there is still a viable connection to roots below.
Not sure whether this infection spreads through the tree before signs show but I'd be reasonably confident the healthy parts are still clear. Some growers can root JM cuttings but it is not so easy and I don't even bother to try with healthy plants any more.
Many of these diseases spread with infected tools so whatever you do please try to remember to disinfect tools, hands, etc after touching this tree.
It does seem to need specific conditions to infect new trees but no sense helping it get to new hosts.