Preheat the oven to 350°F / 175°C. Butter and line an 8x4" loaf pan with parchment paper.
Add the butter and sugar to the bowl of a stand mixer fitted with a paddle attachment (Alternatively, you can use a hand mixer and a large mixing bowl.) Beat the butter and sugar on medium speed for 4 minutes.
With the mixer still running, beat in the eggs one at a time, beating for 30 seconds before adding in the next egg.
Beat in the buttermilk and vanilla until well combined.
Add in the flour, baking powder, and salt. Mix on low speed just until the flour is completely incorporated.
Pour the pound cake batter into your prepared loaf pan, and bake for 40-50 minutes, until a toothpick inserted in the center of the cake comes out clean or with only a few moist crumbs.
Let the pound cake come to room temperature before slicing. In the meantime, make the cherry compote.