Drain peaches reserving syrup for sauce.
Combine 1 stick butter, brown sugar, reserved syrup and evaporated milk; cook over medium heat until syrupy, about 5 minutes; set aside.
Preheat oven 325 degrees F. Use remaining 2 tablespoons butter to grease 9 X 13 pan. Pour caramel sauce in pan and arrange peaches over bottom; sprinkle with cinnamon and chopped pecans.
Prepare cake mix according to package directions; pour over fruit. Bake 30 minutes.
Cool completely before unmolding. Serve with ice cream and additional sliced peaches if desired.
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