Organizational managers are called upon to play a key role in preserving and promoting organizational health in times of major social disruption or change. Yet, scientific evidence is limited on the conditions that allow managers to implement actions supporting organizational health. It is crucial to take an interest in this question, considering that managers are among the organizational actors most affected by psychological health problems, while they are those who must face and reduce the impact of external disturbances linked to social changes affecting the organization. The objective of this article is to propose a conceptual model that clarifies the role of managerial compassion as a lever of organizational health, by identifying mediating mechanisms and a moderating condition specific to the psychological state of the managers themselves. Therefore, we suggest that psychosocial type organizational processes play a mediating role in the relation between managerial compassion and organizational health, while managerial distress, induced by extra-organizational stressors, acts as a moderator. To this end, we propose integrating the theory of cognitive resources and the literature on work distress to develop our model. The contributions of this model to the advancement of the theory on managerial compassion and organizational health in times of social and economic disruption will be discussed.