Preheat oven to 350 degrees. Coat bottom and sides of a 9 x 13 x 2 inch high baking pan with nonstick cooking spray then set aside.
In a saucepan over medium heat, melt butter with brown sugar then stir for two minutes until bubbly and caramelized.
Pour mixture into bottom of prepared baking pan then add chopped rhubarb in an even layer.
In a large mixing bowl, sift together flour, baking powder, baking soda and salt. Set aside.
In a separate mixing bowl, beat butter and sugar with an electric mixer until light and creamy, approximately 2 minutes.
Add eggs one at a time, beating after each until well blended. Scrape down the sides of the mixing bowl with a spatula as needed.
Incorporate buttermilk and vanilla then beat until combined.
Reduce mixer speed to low and gradually add flour mixture to wet ingredients. Beat until just combined. Avoid overmixing.
Spoon batter over rhubarb mixture then smooth top in an even layer.
Bake for 38 to 43 minutes or until toothpick inserted in the center comes out clean. Do not overbake.
Remove cake from oven and immediately loosen edges with a knife. Allow cake to cool for 10 minutes then place a large, rectangular serving plate over the top of the cake pan and quickly invert the cake onto the plate.
Cool for an additional 15 minutes. Slice and serve warm.
Cool cake completely then cover tightly with plastic wrap and store in the refrigerator up to 3 days.