diff --git a/readme.html b/readme.html
index 19e4285d..36c5add2 100644
--- a/readme.html
+++ b/readme.html
@@ -313,6 +313,7 @@ version of GLFW.</p>
   <li>[Cocoa] Replaced <code>NSDate</code> time source with <code>mach_absolute_time</code></li>
   <li>[Cocoa] Bugfix: The loop condition for saving video modes used the wrong index variable</li>
   <li>[Cocoa] Bugfix: The OpenGL framework was not retrieved, making glfwGetProcAddress crash</li>
+  <li>[Cocoa] Bugfix: <code>glfwInit</code> changed the current directory for unbundled executables</li>
   <li>[X11] Added support for the <code>GLX_EXT_swap_control</code> extension as an alternative to <code>GLX_SGI_swap_control</code></li>
   <li>[X11] Added the POSIX <code>CLOCK_MONOTONIC</code> time source as the preferred method</li>
   <li>[X11] Added dependency on libm, where present</li>
diff --git a/src/cocoa_init.m b/src/cocoa_init.m
index 2c747515..c8d5aed7 100644
--- a/src/cocoa_init.m
+++ b/src/cocoa_init.m
@@ -72,6 +72,18 @@ NSString* GLFWNameKeys[] =
 };
 
 
+//========================================================================
+// Change to our application bundle's resources directory, if present
+//========================================================================
+static void changeToResourcesDirectory(void)
+{
+    char* resourcePath = [[[NSBundle mainBundle] resourcePath] UTF8String];
+
+    if (access(resourcePath, R_OK) == 0)
+        chdir(resourcePath);
+}
+
+
 //========================================================================
 // Try to figure out what the calling application is called
 //========================================================================
@@ -87,24 +99,18 @@ static NSString* findAppName(void)
             [name isKindOfClass:[NSString class]] &&
             ![@"" isEqualToString:name])
         {
+            _glfwLibrary.NS.bundled = GL_TRUE;
             return name;
         }
     }
 
     // If we get here, we're unbundled
-    if (!_glfwLibrary.NS.unbundled)
-    {
-        // Could do this only if we discover we're unbundled, but it should
-        // do no harm...
-        ProcessSerialNumber psn = { 0, kCurrentProcess };
-        TransformProcessType(&psn, kProcessTransformToForegroundApplication);
+    ProcessSerialNumber psn = { 0, kCurrentProcess };
+    TransformProcessType(&psn, kProcessTransformToForegroundApplication);
 
-        // Having the app in front of the terminal window is also generally
-        // handy.  There is an NSApplication API to do this, but...
-        SetFrontProcess(&psn);
-
-        _glfwLibrary.NS.unbundled = GL_TRUE;
-    }
+    // Having the app in front of the terminal window is also generally
+    // handy.  There is an NSApplication API to do this, but...
+    SetFrontProcess(&psn);
 
     char** progname = _NSGetProgname();
     if (progname && *progname)
@@ -210,16 +216,16 @@ int _glfwPlatformInit(void)
         return GL_FALSE;
     }
 
-    NSString* resourcePath = [[NSBundle mainBundle] resourcePath];
-
-    if (access([resourcePath cStringUsingEncoding:NSUTF8StringEncoding], R_OK) == 0)
-        chdir([resourcePath cStringUsingEncoding:NSUTF8StringEncoding]);
-
-    // Setting up menu bar must go exactly here else weirdness ensues
+    // Setting up the menu bar must go between sharedApplication
+    // above and finishLaunching below, in order to properly emulate the
+    // behavior of NSApplicationMain
     setUpMenuBar();
 
     [NSApp finishLaunching];
 
+    if (_glfwLibrary.NS.bundled)
+        changeToResourcesDirectory();
+
     _glfwPlatformSetTime(0.0);
 
     _glfwLibrary.NS.desktopMode =
diff --git a/src/cocoa_platform.h b/src/cocoa_platform.h
index 93492dbb..582b338d 100644
--- a/src/cocoa_platform.h
+++ b/src/cocoa_platform.h
@@ -91,7 +91,7 @@ typedef struct _GLFWlibraryNS
 
     // dlopen handle for dynamically loading OpenGL extension entry points
     void*       OpenGLFramework;
-    GLboolean   unbundled;
+    GLboolean   bundled;
     id          desktopMode;
     id          delegate;
     id          autoreleasePool;