The "PM callback" process is an internal process
dealing with Port Management. Enable "logging event link-status" on all of the interfaces to see if you have an interface that is flapping rapidly or contantly. In addition, what is the switch's CPU? this platform is quite normal to see a 60% CPU Utilization since all packets are hardware switch, it is even normal that they spike to 99% occasionally.
CPU Util on cat4000 running CatOS:
http://www.cisco.com/warp/customer/473/82.html
High CPU Utilization on Cisco IOS Software-Based Catalyst 4500 Switches:
http://www.cisco.com/en/US/products/hw/switches/ps663/products_tech_note09186a00804cef15.shtml
Both of the link above are very useful in torubleshooting high CPU on Cat4000.
Please rate helpful posts.