Disney's leadership handover is off to a tense start, which is a bad sign for investors hoping for a clean transition.

• A CNBC interview with Disney's outgoing chief and his successor turned visibly awkward.
• The trouble came when the incoming CEO was asked how he would lead differently — and mostly dodged, talking about inevitable disruption instead of change at the top.
• Friction over the outgoing chief keeping his office adds to the sense that he is not really letting go.
• Small signals like these are piling up into a picture of divided authority at the top of Disney.

Outlook: Expect more public friction over who is actually in charge as the handover plays out.