Preheat your oven to 300 degrees F. Spray a large bundt pan with baking spray.
Start by making the topping for the cake. Place the sliced peaches in the bottom of the greased bundt pan. Mix the brown sugar and melted butter together and pour the mix over the sliced peaches in the pan. Set the pan aside while you make the cake.
Next, make the cake batter. Beat the butter, sugar, brown sugar and cream cheese together until light and fluffy using an electric mixer or stand mixer with a paddle attachment. Make sure you scrape down the sides of the bowl to ensure the ingredients are evenly blended. You want the mix to be very fluffy as the air incorporated into the batter is what will leaven the cake.
Add the eggs, one at a time, to the bowl, mixing and scraping down the bowl after each egg.
Add the vanilla and mix again.
Add the flour in ½ cup increments, mixing after each addition. Stir in the salt once all of the flour has been blended into the pound cake batter.
Use a spatula to fold in the diced peaches.
Pour the cake batter into the bundt pan, layering it on top of the peaches in the pan.
Bake the cake at 300 degrees F for 70 minutes. A toothpick inserted into the center of the cake will come out cleanly when the cake is fully baked.
Let the cake cool in the pan for 30 minutes then flip it out onto a serving plate.
Make the glaze by mixing the powdered sugar, vanilla, salt, and milk together. Drizzle the glaze over the cake then slice and enjoy!