Wendy's/Arby's Group executives barely mentioned Arby's during a five-hour presentation at the company's Investor Day this morning, and neither did Chairman Nelson Peltz, who spoke about Wendy's for five minutes. Nevertheless, Peltz made clear that unloading Arby's is key to the company's future, and he invoked McDonald's in so doing. He noted that McDonald's in 2003 was trading in the low teens. "It owned several brands, and had a lot of sloppy stores," he said. McDonald's then unloaded those brands, fixed those stores and improved the menu. Its stock is up five-fold since. Wendy's, he said, has a lot of "white space" in terms of new unit development both domestically and internationally, along with new products and new dayparts, and the company wants to focus on those opportunities. Arby's, it seems, would just get in the way.