initdb, could not locate postgres executable

Hi,

Under CygWin on Windows XP Pro I've been using PostgreSQL 7.3 for a
year, then I decided to switch to PostgreSQL 7.4-1.

When I run initdb the following error occurs:

creating directory /cygdrive/d/pgsql.data... ok
creating directory /cygdrive/d/pgsql.data/base... ok
creating directory /cygdrive/d/pgsql.data/global... ok
creating directory /cygdrive/d/pgsql.data/pg_xlog... ok
creating directory /cygdrive/d/pgsql.data/pg_clog... ok
selecting default max_connections... 100
selecting default shared_buffers... 1000
creating configuration files... ok
creating template1 database in /cygdrive/d/pgsql.data/base/1... ok
initializing pg_shadow... FATAL: /usr/bin/postgres: could not locate postgres executable

I believe there might be an environment variable that is not set or
set incorrectly. I've tried to uninstall CygWin, cleared all related
Windows XP users account, cleared all CygWin environment variables.
Then I installed CygWin from scratch - no changes, I'm getting the
same error. I also tried to downgrade PostgreSQL to version 7.3 - the
same problem (at least it's not related to PostgreSQL 7.4).

If anyone has thoughts - please share with me.

--
Thanks in advance
Grigoriy Puzankin