Preheat your oven to 350°F (175°C) and grease a 15×10-inch jelly roll pan or 9×13-inch baking dish.
In a large saucepan over medium heat, combine the butter, water, and cocoa powder. Stir constantly until the mixture comes to a boil.
In a separate large bowl, whisk together the flour, sugar, and salt.
In a medium bowl, whisk together the buttermilk, eggs, baking soda, and vanilla until smooth.
Pour the hot chocolate mixture into the flour mixture and stir until halfway combined. Add the buttermilk mixture and stir until just combined. Avoid overmixing.
Pour the batter into your prepared pan, spreading it evenly to the corners. Bake for 20-25 minutes, or until a toothpick inserted in the center comes out clean with a few moist crumbs.
About 5 minutes before the cake is done, begin preparing the icing. In a medium saucepan, combine butter, cocoa powder, and milk. Bring to a boil while stirring constantly.
Remove from heat and gradually whisk in powdered sugar and vanilla until smooth. Stir in 3/4 of the toasted pecans.
Pour the warm icing over the hot cake, spreading quickly as it will begin to set. Sprinkle the remaining toasted pecans on top.
Allow to cool for at least 20 minutes before serving.