Preheat oven to 325°. Grease and flour a 10-in. fluted tube pan.
In a large bowl, cream butter and sugar until light and fluffy. Add eggs, one at a time, beating well after each addition. Beat in food coloring and extracts (mixture may appear curdled). In another bowl, whisk flour, baking cocoa, baking powder and salt; add to creamed mixture alternately with milk, beating after each addition just until combined.
Transfer to prepared pan. Bake until a toothpick inserted in center comes out clean, 70-75 minutes. Cool in pan 15 minutes before removing to a wire rack to cool completely.
For icing, in a large bowl, beat cream cheese and butter until creamy. Beat in vanilla. Gradually beat in confectioners’ sugar until smooth. Spread over cake; sprinkle with pecans. Store in the refrigerator.