diff --git a/gdb/ChangeLog b/gdb/ChangeLog
index 16fc3515442..c162970f3c3 100644
--- a/gdb/ChangeLog
+++ b/gdb/ChangeLog
@@ -1,3 +1,8 @@
+2013-06-18  Tom Tromey  <tromey@redhat.com>
+
+	* python/python.c (finish_python_initialization): Decref
+	'pythondir' on failure path as well.
+
 2013-06-18  Tom Tromey  <tromey@redhat.com>
 
 	PR symtab/15391:
diff --git a/gdb/python/python.c b/gdb/python/python.c
index c94198e2985..00092c739da 100644
--- a/gdb/python/python.c
+++ b/gdb/python/python.c
@@ -1771,10 +1771,9 @@ finish_python_initialization (void)
 	goto fail;
 
       err = PyList_Insert (sys_path, 0, pythondir);
+      Py_DECREF (pythondir);
       if (err)
 	goto fail;
-
-      Py_DECREF (pythondir);
     }
   else
     goto fail;