Arrange pineapple rings over the bottom of the skillet. Place a maraschino cherry in the center of each ring and then sprinkle the whole thing with chopped pecans.
Pour the reserved pineapple juice into a measuring cup and add water to make a total of 1⅓ cups. Add the cake mix, pineapple juice, eggs, and oil to a large mixing bowl.
When the cake has cooled slightly, place a platter or large plate over the top of the skillet and hold securely while you invert the skillet upside down.