  Stripped-envelope stars (SESs) form in binary systems after losing mass
through Roche-lobe overflow. They bear astrophysical significance as sources of
UV and ionizing radiation in older stellar populations and, if sufficiently
massive, as stripped supernova progenitors. Binary evolutionary models predict
them to be common, but only a handful of subdwarfs (i.e., SESs) with B-type
companions are known. This could be the result of observational biases
hindering detection, or an incorrect understanding of binary evolution. We
reanalyze the well-studied post-interaction binary phi Persei. Recently, new
data improved the orbital solution of the system, which contains a ~1.2 Msun
SES and a rapidly rotating ~9.6 Msun Be star. We compare with an extensive grid
of evolutionary models using a Bayesian approach and find initial masses of the
progenitor of 7.2+/-0.4 Msun for the SES and 3.8+/-0.4 Msun for the Be star.
The system must have evolved through near-conservative mass transfer. These
findings are consistent with earlier studies. The age we obtain, 57+/-9 Myr, is
in excellent agreement with the age of the alpha Persei cluster. We note that
neither star was initially massive enough to produce a core-collapse supernova,
but mass exchange pushed the Be star above the mass threshold. We find that the
subdwarf is overluminous for its mass by almost an order of magnitude, compared
to the expectations for a helium core burning star. We can only reconcile this
if the subdwarf is in a late phase of helium shell burning, which lasts only
2-3% of the total lifetime as a subdwarf. This could imply that up to ~50 less
evolved, dimmer subdwarfs exist for each system similar to phi Persei. Our
findings can be interpreted as a strong indication that a substantial
population of SESs indeed exists, but has so far evaded detection because of
observational biases and lack of large-scale systematic searches.
