Beat butter, sugar, eggs and extract in large bowl on low speed of electric mixer until blended, then on high speed 5 minutes until light and fluffy.
Combine flour, baking powder and salt. Add dry ingredients alternately with cream to creamed mixture, mixing lightly after each addition. Fold in cherries. Turn batter into greased 12-cup bundt or tube pan.
Bake at 350F for 65-75 minutes. Cover with foil for last 10 minutes if becoming too brown. Cool in pan 10 minutes. Remove from pan; cool completely. Dust with icing sugar before serving.
Helpful Hint: A white icing drizzle is a pretty alternative decoration.