Wood inside a tilt-up concrete wall?

Hi, one of the wall edges on our concrete tilt-up warehouse building has chipped. I noticed the inside has wood. Could this be the insulation layer of the tilt-up panel? How can I patch this chip?
Here are the pictures of the chip: http://flic.kr/p/8DDD8K .
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This wood is part of the form work when the building was built ( was pushed down by the placement of the concrete and not pulled out, careless workers) if your building is not too old contact the contractor and ask them to fix it. If you cannot get the original contractor to fix it you need to chip out as much wood as you can any wood left in will possibly do this again what is happening is moisture is getting to the wood causing it to swell and crack the concrete. After you have removed the wood get a good concrete patch from a supply house and apply concrete glue first and mix per the directions. The drier the mix the better to prevent cracking and shrinking Robert Tilt-up Superintendent 20 years
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