I am sorry to deliver the bad new but your cherry tree is in decline.  The large crack could be caused by lightening but is more likely have cause by strong winds and frozen wood. It can also happen in the summer but more than likely happens when it is cold (and the core of the tree is less pliable).  When you replace the tree, do not plant a cherry or plum back in the same location. Other ornamentals should work fine if their growth habit and growing needs match that of the site.

Best of luck,
Scott