Is there any die-back of the crown?
Is it localised to the same side or just low branch of the crown? If it is, it could be phytophthora. Not much you can do about that, except monitor for the decline or onset of decay behind discoloured bark.
Looks more like the onset of Beech Bark disease to me though - Nectria coccinea and Cryptococcus fagisuga (Don't you just love saying those names with different accents? /forum/images/graemlins/grin.gif).
Not much you can do about that either, although the coccus can be washed off with soapy water, and is actually effective compared to other snake oils. If they're kept at bay, the canker might occlude without spreading further.
If not, monitor for further ill health and onset of decay behind the lesions. Washing off coccus regularly has helped prevent decline from infestations over here before.
I don't know if a fertilising programme might help it resist decline?
Let us know what you decide, and good luck! /forum/images/graemlins/cool.gif